Your prenuptial agreement is just that - YOURS. This is your chance to customize the rules that will affect your financial partnership.
It needs to fit your individual needs, and should always be prepared by a professional licensed to practice in your state so
that you can properly opt out of the laws provided by the state. Here's some things you can cover:
1) Disclosure. You should disclose to each other lists of your assets, debts, income, and any expectations of gifts and inheritances. Get it
all out there, and start with full knowledge. Plus, by identifying specific types of property and debt as "yours", "mine"
and "ours", both currently held and what you expect to have in the future, you avoid fights later about who brought what into
the marriage.
2) Debt Responsibility. Dictate how pre-marital and post-marital debts will be paid. For example,
ensure that your spouse's pre-marital student loans do not become a marital obligation inadvertently by paying them with
joint income. You can also protect your loved one from later being responsible for your credit card debt, vehicle loans,
or other risky investments. You can also agree on how your accounts will be held or bills will be paid during the marriage.
3) Increases
on Assets. Determine what happens to your separate assets when they increase, appreciate, or earn income during the marriage.
This is often a tricky area of law, and leaving it to the courts can be very uncertain.
4) Provide for Dependants.
Protect children from a prior marriage and/or aging parents or other dependants. Make sure some of your assets are preserved
solely to support those you are responsible for.
5) Spousal Support Plan. Dictate whether spousal support,
or some other type of property settlement, or a waiver of these types of payments are to be paid in the event of divorce.
This includes "sunset" provisions, or "escalator" clauses, which change or eliminate the terms of the payout over time, and as
the marriage lengthens.
6) Estate Planning. Determine what is to happen in the event of death, including detailing
death benefits, what insurance will be made available, and who will be the executor of your estate or trustee of a trust. It
is vital that your wills and trusts be updated to coordinate with your prenup, and not conflict, because a prenup can override these
documents, even when they are drafted at a later date.
Find out what you need to include by contacting us today!
