On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday May 19h, 2022.
A prenuptial agreement defines the parameters of your finances before marriage, including property rights and more. A lawyer should thoroughly review every prenuptial agreement, with one attorney representing you and the other representing your future spouse.
You may think prenups are only for people with substantial financial resources. However, if any of the following apply to you or your situation, a prenuptial agreement should be discussed.
One (Or Both) of You Has Children
A prenuptial agreement should be considered if one of you had children from a previous marriage or relationship.
Prenuptial agreements can be written to protect your children’s assets and future earnings. This property or income might ordinarily be considered part of the marital estate and so be divided. A premarital agreement ensures that children’s inheritance and future maintenance are not entangled in the divorce process.
There is Substantial Debt
Debt is an unfortunate aspect of life, and people can carry their debt into the marriage. The non-burdened party is unlikely to want to be saddled with an enormous bill should the marriage go sour.
A prenuptial agreement can help limit one partner’s exposure to the debts of the other. Any agreement should spell out each partner’s individual debts and assets prior to the marriage, allowing for a clear distinction between those debts and debts incurred by the couple during the marriage.
Someone Plans to be a Stay At Home Parent
In the event of a divorce, it might be difficult or impossible for one party to re-establish their profession or financial footing after pausing or giving up their work to raise their children. A prenuptial agreement protects stay-at-home parents’ interests in marital assets. It ensures that these agreements are documented in the event that the marriage breaks and their profession is put on hold.
One of You Has Pets
Including pets in your prenuptial agreement is normal, especially if the pets are costly. This will ensure that any animals you share with your spouse are returned to their rightful owners if the marriage ends in divorce. Although pet ownership is rarely a point of contention in divorce proceedings, some people do use it as a negotiating tool.