Any couple that has decided to walk down the aisle should, at the very least, have a discussion about a prenuptial agreement. The reasons for this are twofold. First, just having the discussion — even if you decide against signing a prenuptial agreement — can help you and your spouse figure out potential financial stumbling blocks involved in your soon-to-be marriage. Second, and maybe more importantly, a prenuptial agreement can do wonders for your marriage and, if it goes that way, your divorce.
Prenuptial agreements are contracts that provide a hefty set of rules and provisions that guide and dictate how the property division process of your divorce proceeds. It can also do a bunch of other important things, such as:
- Allow you to provide for children from another marriage or relationship
- Protect your estate plan or a family business
- Outline how each other’s debts will be handled in case of divorce
- Clarify what each spouse’s responsibilities are during the marriage
However, for all the good that prenuptial agreements do, there are some issues and matters that they can’t address, such as:
- Anything that is illegal
- Anything related to child custody or child support
- Anything related to waiving your right to alimony or that may encourage divorce
If you do get a prenuptial agreement, then discuss the details of the contract with an attorney. Additionally, if you don’t have one after getting married but you and your spouse want one, then you could get the post-marital equivalent of a prenup: a postnuptial agreement.
Source: FindLaw, “What Can and Cannot be Included in Prenuptial Agreements,” Accessed Dec. 18, 2017