We Know: All About Prenuptial Agreements
What is a prenuptial agreement?
A prenuptial agreement is a legally binding contract signed and agreed to by two individuals prior to marriage. Prenups, as they are often called, are used to allot property and rights to each member of the union in case the couple ever decides to get a divorce.
Who should have a prenuptial agreement?
Many couples decide to get a prenuptial agreement because it guards their assets and prevents the possibly of an ugly divorce. People who most benefit from a prenup are those who have a large savings, an inheritance, own a business or have children. If one person in the relationship makes substantially more than the other, a prenup is also wise.
What are the benefits of getting a prenuptial agreement?
A prenuptial agreement carries with it many benefits including:
- No Arguments: Divorce is a highly stressful time of life, and should it ever happen, a prenup helps to minimize the financial anguish of divvying up property.
- Allows you to decide: Rather than letting the state decide what each party gets should you divorce, a prenuptial agreement allows your personal property and privacy to be maintained.
What should be included in a prenuptial agreement?
- First and foremost, both parties should completely disclose their assets when writing the prenuptial. Not doing so runs the risk to making the entire agreement null and void.
- A fair distribution of property should be attained. A prenuptial agreement should always be fair and not leave one party unable to support themselves. Being unfair can signal to a judge that perhaps one party was coerced into signing the prenuptial agreement and making the entire document void.
- Avoid frivolous requests. Making it a stipulation of your marriage that your wife must keep her hair blonde is ridiculous and could cause the entire agreement to be thrown out. While prenuptial agreements can contain stipulations that are not monetary in nature, items such as the previous do nothing but make the agreement appear dishonest and unprofessional.