Prenuptial Agreements: Four Things to Know

If you are planning on getting married soon, you might want to get a prenuptial agreement. While many people consider this something you should only do if you are extremely wealthy, many people can benefit from it. Here are some things to know about prenuptial agreements.

Many Things Can Be Included in a Prenup

The first thing to learn about prenuptial agreements is what exactly can be included. You might be aware that you can set rules in regards to what your spouse would get if you divorced, but did you know you can include many other details as well? Some things you can include in a prenuptial agreement include making arrangements with separate property from before you were married, protecting yourself from your spouse's debt, and making sure your children have assets owed to them from previous relationships. You can choose to have family property kept in the family if you pass, and list details about your private estate. You may also want to include information about a business you own or what assets your spouse will get if you divorce, regardless of whose choice it was. Also include various responsibilities of each person during the marriage, such as retirement accounts, businesses, income, and savings contributions.

Not Everything You Want Can Go in a Prenup

It is also important to know what is not appropriate to be put in a prenuptial agreement. For example, you can't include anything that suggests the promotion of illegal activity. This can put the prenup in jeopardy if there comes a time when you are spouse split up. If you have illegal requests or guidelines in the prenup, the entire thing might be considered against the law, and nothing included could be held accountable. You can also can't have anything regarding child support or child custody. Also be careful about including information that clearly denies your spouse's right to alimony. Some areas don't allow it, while others have strict rules regarding alimony payments.

A Prenup Is Not For Personal Requests or Demands

The prenuptial agreement is meant to protect your finances and business, not to make requests of your spouse. You can't list certain chores they are required to do, otherwise they could lose out on alimony rights. You also can't have information in the agreement that would reward your spouse for divorce. Many areas prohibit the encouragement of divorce in the prenuptial agreement. Contact a lawyer if you have any questions about what can go in a prenuptial agreement.