What Should I Include in My Prenuptial Agreement?

 Posted on May 04, 2016 in Premarital Agreement

If you are considering getting married in the near future, you should also be considering signing a prenuptial agreement. This is especially important if you have children or any considerable assets such as a small business, real estate, or a savings. A prenuptial agreement is a document that states the terms that you will follow in the event of a divorce. It can also state how your assets are to be divided in the event of your death.

This second reason is the reason why many individuals who have children from previous relationships opt to sign prenuptial agreements – having one in place can help to ensure that your children receive the portion of your assets that you want them to receive. Talk to your fiance about drafting and signing a prenuptial agreement as you move forward with other pre-marriage decisions like whether you will have a religious wedding or a civil one, whether you plan to have children, and where you plan to live. It is important that any engaged couple come to a full understanding about where each partner stands on these “big” decisions before getting married.

Your Estate Plan

Your prenuptial agreement is not enough to determine your estate plan on its own, but it can support other estate plans you have in place, like a will or a trust. You can also include your plans for heirlooms and other assets that you would like to have kept in your family.

Your Decisions About Separate and Marital Property

Property that each spouse held before the marriage is considered to be separate property and property acquired during the marriage, with certain exceptions, is considered to be marital property and thus subject to equitable division in a divorce. However, you can note certain assets acquired after your marriage as separate property in a prenuptial agreement.

You can also determine how your property will be divided in the event of a divorce through a prenuptial agreement. For example, you might agree that your spouse will receive your family home and you will receive the vacation home. You might also determine that you will sell all real estate and split the profit.

Financial Responsibilities and Decisions during the Marriage

You can also use a prenuptial agreement to create a groundwork for how savings, retirement accounts, investments, and other assets will be managed during your marriage. This can include how debts, such as student debt acquired during the marriage, will be paid and by whom.

Couples can also include clauses about how they will resolve financial disputes during and after the marriage, such as through mediation or arbitration.

Work with a Kane County Divorce Attorney

A prenuptial agreement is a document that is drafted and notarized by a matrimonial attorney. Contact our team of Kane County divorce and family lawyers at the Goostree Law Group today to get started on your prenuptial agreement with a member of our firm during your free legal consultation.

Source:

http://www.americanbar.org/publications/gpsolo_ereport/2012/march_2012/premarital_agreement_issues_checklist.html