In essence, a prenuptial agreement is merely a contract between two people who intend to wed. It lists the debts, property and other assets that each person has. It also specifies what will happen to those debts and assets as well as any other property and monies you might accumulate during the course of your marriage should your union be one that was not made to last.
We usually refer to the prenuptial agreement as a prenup. In some areas of the United States it is known as a premarital agreement or an antenuptial agreement. Sometimes the word agreement is substituted with the word contract, but they all have the same basic meaning.
A prenuptial contract is something that a couple must discuss carefully and at length before making any decisions. It is a decision that should be weighed as carefully as the decision to marry
Benefits to having a Prenuptial Agreement
Having a prenup agreement can ease both parties' mind if they have assets they want protected. Though we would like to think that a marriage will last forever, statistics tell us differently. It is a smart idea to have a prenuptial agreement with your intended spouse for a few reasons:
Protect Property You already Own
If you own any type of real estate before you marry, you may want to be sure that it will not be part of any divorce settlement. This is especially true for those people who have inherited real estate that has been passed down from generation to generation.
Makes Getting a Divorce Easier
No doubt, divorce can be a messy experience if you haven't hammered out who gets what before you marry. If either partner came into the marriage with considerable assets, they may want to be sure they leave with what they came into the relationship with.
Gives You a Game Plan for the Future
Having a prenuptial contract can clarify any special agreements you require. It is also a way for you to make some ground rules and establish a procedure for deciding financial matters of the future should you part.
What a Prenuptial Contract Won't Protect You From
Though having a prenuptial agreement can smooth out many wrinkles in a new marriage, there are things that a prenuptial can't do. You can not restrict visitation, child support payments or child custody in a prenuptial agreement.
Making rules such as who does the laundry and who is responsible for cleaning the litter box are not matters that will be taken seriously if they are included in your prenuptial contract. If you include such petty things in your agreement, the judge may decide to throw the whole agreement out which will defeat the purpose.
Who should have a Prenuptial Contract?
Anyone who is involved in planning their estate, owns property that is familial, or wants to decide financial responsibility for both parties before they wed should get a prenuptial agreement. It goes without saying that those with wealth and valuable assets are more likely to require their mate sign a prenuptial agreement before they meet at the altar, but more couples with average incomes are deciding to utilize a prenuptial agreement to protect assets they have worked hard to earn for themselves.
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