4 Tips for a Sound Prenuptial AgreementDecember 7, 2021
Prenuptial agreements are currently a popular topic. With so many stories in the news about celebrity prenups and how long they take to be finalized, there is a lot of public interest in how couples can manage and secure their assets before getting married.
While it is often considered something only affluent couples use, you might be surprised at how beneficial it can be even if your assets are limited. Having a prenuptial agreement in place is not just about dividing your property.
If you’re interested in crafting a prenuptial agreement with your soon-to-be spouse, here are tips you should know.
1. Use It at the Best Time
The purpose of prenuptial agreements varies depending on the couple. They could be used to determine how assets will be divided in the event of a divorce. In addition to helping you plan for the future, it will also protect you and your partner.
You should have a prenuptial agreement when you or your future spouse have assets that you want to protect. It could also be when you or your future spouse has a stake in their family assets or business. Prenuptial agreements can be used to limit or provide future financial support as well.
You should also consider a prenuptial agreement when you or your future spouse have children from a previous marriage, had one or multiple divorces, or have significant debts.
2. Consider Your Family’s Welfare
It can be challenging to plan for everything in your marriage. For one, if you have children from a previous relationship, you can include them in the prenuptial agreement as well. You can also include your future children. However, it is important to note that you cannot pre-determine child support or custody in a pre-nuptial agreement.
3. Factor in Your Assets
If you are starting a new business, your prenup can protect your assets from potential lawsuits. A prenup agreement can define your rights with terms that will keep your assets classified as separate property, which means they are free from any claim by your spouse in the future.
Even if you do not have children or have a successful business, you can still use a prenuptial agreement to protect your assets. You can put in place a prenuptial agreement that contains a plan on how to separate your assets when you do open a business during the marriage.
4. Hire a Different Lawyer
It may seem strange for you and your partner to have the same lawyer when it comes to a prenuptial agreement. However, you’ll be surprised that some couples do this. This is not advisable. Each spouse should have their own lawyer to advise them and look out for their interests. Unless each spouse consults with their own attorney, there can be an imbalance of power in negotiating the terms of the Agreement.
Remember, your prenup should be reasonable, fair, and enforceable to you and your spouse.
The Elements of a Good Prenuptial Agreement
Here are some crucial elements your prenup agreement should have:
- It should be well-thought-out.
- Both parties must be represented.
- There must be a complete and accurate disclosure of assets and debts at the time the Agreement is entered.
- It must be consensual to both parties.
- It should represent reality.
A Solid Prenuptial Agreement
A prenuptial agreement is a legal contract signed by both parties before the marriage itself. It is essentially a contract between two people who marry, informing each other of their rights and obligations over assets in the event of divorce or death. The fact is that in today’s society, a legal prenup is an important consideration for anyone preparing to get married.
DaleyZucker is a reputable family law firm in Pennsylvania. Our experienced attorneys can help create a solid prenuptial agreement in Lemoyne, Harrisburg (Lower Paxton Township), and Carlisle. Contact us for a consultation!
