What to Look for in a Prenuptial Agreement

Roxas agrees, saying, “A prenuptial agreement can protect the staying parent if the party is able to negotiate terms — such as an annual birthday gift, an annual contribution to an IRA, a life insurance policy, or a mandatory monthly cash contribution to a joint account by the spouse.” Now that you know exactly what prenups are and what they aren`t, it`s time to talk to your partner. Share this information with them and download this helpful guide to learn more about everyone`s wants and needs for the future. Contact us if you have any questions or need help with any of the topics we cover. You have an incredible opportunity to start with a solid foundation for your marriage – one based on trust, communication, honesty, clarity and, of course, love. Often, a party will want to protect the financial interests of the children of a previous marriage. “The prenuptial arrangement can ensure that the assets remain separate property and allow the party to create a living trust or will to care for their children in the event of death,” Roxas explains. Although marriage contracts are considered binding legal contracts, they are not inviolable. Under certain conditions, they can be rejected by a court if they are challenged in the divorce proceedings of a couple. A prenuptial agreement can be declared invalid under one of the following conditions: Previously married parties, especially those who have suffered a prolonged and bitter divorce, may not be willing to remarry without knowing what their financial future holds for them. “They are aware of the problems that can arise during the divorce process and do not want a repetitive scenario,” says Lois Brenner, Esq. marriage lawyer and mediator in New York. “This is especially true if someone feels like their ex took advantage of them or made a better deal in a previous divorce.” In addition, a previous divorce can affect all future rights and obligations based on a divorce decree or judgment, Jones notes.

“Most states believe there are concerns about child custody and support, and courts are not required to apply a provision in a prenuptial agreement that seeks to cover these issues,” Lindsey says. “The courts must rule on the best interests of the child at the time of divorce. Therefore, as it could nullify an agreement to take these provisions into account in the marriage contract, most practitioners do not include alimony and child custody in the prenups. In fact, some states will remove all child support provisions if the marriage contract tries to solve the problem. In addition, prenup can also help partners agree on each of their roles and responsibilities during marriage. If one of the spouses wants to be responsible for all utility bills while the other spouse is responsible for paying the mortgage, this agreement can also be set out in the prenup. The idea of a prenup came to mind. However, like many people, you may have given up on the idea because you read or seen in the media. For example, you may believe that prenups exist to protect the “richer” spouse from losing their money and assets after a divorce.

The truth is that prenuptial agreements solve financial problems; However, you are just as powerful when it comes to helping you and your spouse build trust and establish open lines of communication early in your marriage. Let`s take a closer look. Pre-marriage assets and debts: You should make a comprehensive list of your assets and liabilities that are currently in your name. This is necessary for your prenuptial agreement, and it is also a good practice to be frank and direct on financial matters with your new spouse. Here are some questions you need to think about when thinking about assets and debts before marriage: If you or your partner think a prenuptial agreement is the right choice for your financial future, openly and honestly discuss the pros and cons of the contract and give yourself enough time to make a preliminary agreement. Pay attention to what can and cannot be included in the agreement, and if you`re both ready to move forward, be sure to hire experienced legal counsel to help you complete and file the required paperwork. When it comes to the future, nothing is ever guaranteed, but having a valid marriage contract before you take your vows can give you both the peace of mind you need to enter your new life together. Duration of prenuptial agreement: It is up to you and your spouse to decide how long a prenuptial contract can remain in effect. Couples may wonder if the deal will last forever or if it will eventually expire: Taxes: Once you`re married, your finances will be intertwined for tax purposes, unless you agree otherwise under your prenuptial agreement. .