Before a couple gets married, they may wish to protect their property and assets by working out a prenuptial agreement. A sample prenup outlines what elements are typically covered in an agreement. These types of contracts can help the couple avoid costly legal battles when they decide to split up.
Divorce Can be Costly
It’s not surprising that divorce continues to remain at a high rate in the U.S. Nearly 50% of marriages will end in divorce and fighting it out with attorneys on both sides can be quite costly. Couples are deciding to take control of their lives before they get married, rather than letting the family court system decide their fate. There are a variety of reasons to initiate a prenuptial agreement, some of which include:
- One partner is much wealthier than the other—A prenuptial agreement will help the wealthier spouse make sure that his or her partner is marrying them for the right reasons, and not just for the money.
- Avoid getting hit with huge alimony payments—In some states, this contract can be used to ensure that the amount of alimony awarded to your ex-spouse is not egregious.
- Children from a prior marriage—If you have been married before and have children from that marriage, you may want to ensure that they are taken care of if anything happens to you.
- Protecting Your Business—When one person owns a business, they may wish to protect the company’s assets from future litigation.
What You Should Include in a Prenuptial Agreement
Some typical examples of what to include in a prenuptial agreement are:
- The purpose of the contract
- When the agreement takes effect
- How property will be divided
- What is considered joint or separate property
- Full financial disclosure of both parties
- How debts will be handled
- Tax implications for both parties
- Define who gets what upon the marital split
- Responsibilities of both parties during the marriage
Legally speaking, the laws don’t allow you to limit the amount of child support that will be awarded after a divorce. In addition, you cannot specify how the children will be raised and who will get custody of them. If one spouse has signed an agreement under duress, the family court may decide to invalidate the contract.
When a Divorce Attorney Can Help
Judges throughout the United States currently recognize the binding laws regarding prenuptial agreements. However, they may not always be enforced by the family court system, particularly when one party has been coerced into signing the agreement. When you are faced with the prospect of divorce and have signed a prenuptial contract, seeking legal advice may be your best option. A skilled family law attorney will be able to help you understand what the laws in your state will allow regarding the marital split and what you may be entitled to receive.
