Prenups: the topics you can address and the ones you must avoid
Prenuptial agreements are important documents for soon-to-be-married couples, regardless of whether you have a lot of wealth and assets or not. Obviously the more assets you have, the more you will want to do to protect them. But that doesn’t mean that people who aren’t wealthy should ignore the benefits of a prenuptial agreement.
A prenuptial agreement allows a couple that will soon be having their wedding day to create rules, stipulations, and provisions that protect each person in case of a divorce. The prenup can also outline some other important factors in the relationship. Let’s take a look at some of the matters you can and can’t address in a prenup:
- You can protect yourself from your spouse’s debts.
- You can protect your estate plan and family assets (which could be a business) in case of a divorce.
- You and your spouse can distinguish which property is “marital” and “separate.” This allows you to better outline how property division would go in case of a divorce.
- You can even define the responsibilities each spouse will have in the marriage, as well as make provisions for children from a previous relationship.
- For all the great things that a prenuptial agreement can achieve, it does have limitations. You can’t talk about child custody or child support in your prenup. You can’t forfeit your right to alimony. And you can’t write anything that is illegal or would encourage a divorce.
Source: FindLaw, “What Can and Cannot be Included in Prenuptial Agreements,” Accessed Aug. 4, 2017