If you and your fiancé have decided on a prenuptial agreement, the next step is to determine what should and should not be covered in the document. You’re not required to discuss any particular matters in a prenup. It is up to both of you and what you’re able to negotiate. However, there are reasons why you may want a more detailed and comprehensive prenup especially if you have significant property interests to protect.
Why Should You Get a Prenup?
A prenuptial agreement is a tool that allows couples to address financial issues before they marry to minimize disputes during marriage and if the marriage ends. It can make a relationship stronger because the parties must disclose their income, assets and debts and discuss issues like their financial expectations and goals. They can plan for how to deal with money matters during marriage as well as in the event of a legal separation, divorce or death.
What Is Typically Included in a Prenuptial Agreement?
A wide variety of matters can be discussed in the prenup including:
- What property will be considered separate property not divided in divorce vs marital property subject to equitable distribution in divorce?
- Will a spouse be entitled to spousal support and if so, how much?
- What rights does a spouse have if the other spouse dies, including the right to an elective share of the estate?
How Comprehensive Should You Make the Prenup?
Property rights can be covered in as much detail as the parties decide. Often, the party with more assets to protect will want a more comprehensive, airtight prenup that addresses as many issues as possible and won’t be challenged in court if the couple divorces. Keep in mind that if the prenup is silent on an issue, the default law will dispose of it.
The less wealthy spouse may prefer a prenup that isn’t as thorough and clear to leave room for negotiation or litigation at a later date. However, if certain things are missing from the prenup, it may be beneficial to bring them up now to resolve disputes before marriage. The parties should be forthright with each other rather than trying to take advantage of each other.
What Is the Best Way to Protect Yourself in a Prenup?
A prenup is a contract and, as such, should be carefully negotiated and drafted by an attorney. Each side should have their own lawyer to help ensure that they fully understand their rights and obligations. An experienced lawyer can see issues that the parties may not realize exist and tailor the prenup to their situation.
If you are considering a prenup, contact us to discuss how we can help you negotiate an agreement that protects your rights.
