A prenuptial agreement is a legal document signed by a couple before they get married. It outlines their rights and responsibilities regarding their finances and property in case of divorce or death. The agreement can cover a wide range of topics, including assets, debts, spousal support, and inheritance.
Prenuptial agreements are becoming increasingly common as more couples marry later in life and have assets to protect. They can especially benefit couples who have been previously married, have children from a previous relationship, or have a significant difference in wealth.
One of the main reasons couples sign prenuptial agreements is to protect their separate property. This can include assets that were acquired before the marriage, such as a home, retirement accounts, or an inheritance. A prenuptial agreement can ensure that these assets remain separate and are not subject to division in the event of a divorce.
Another reason to sign a prenuptial agreement is to establish guidelines for spousal support. The agreement can outline whether or not one spouse will receive alimony, how much they will receive, and for how long. This can prevent disputes and litigation in the event of a divorce.
Additionally, prenuptial agreements can address debts and liabilities. They can specify which spouse is responsible for certain debts and how they will be paid off. This can prevent creditors from going after the other spouse’s assets in the event of default.
It’s important to note that prenuptial agreements can’t include provisions related to child custody or child support. These decisions are made based on the best interests of the child at the time of the divorce.
While prenuptial agreements may seem unromantic, they can be an important tool for protecting your financial interests. It’s important to consult with an attorney before signing a prenuptial agreement to ensure that it is legally valid and enforceable.