Your Prenup, Your Way: Key Details Couples Should Contemplate

Your Prenup, Your Way: Key Details Couples Should Contemplate

Prenuptial agreements (prenup) may not be romantic. They may offend some people. They have even been known to generate healthy conversations and answer questions people were too timid to bring up on their own.

Putting that aside, they are practical for most people who are contemplating getting married. A well-drafted prenup can save thousands in legal fees in the event of divorce. Not to mention the uncertainty of bickering that goes with divorce negotiations.

Talk with your future spouse as you each think about what you want YOUR prenuptial agreement to address. There’s no cookie-cutter, one way option. Accordingly, some components to consider including in your prenup are summarized in this post. Then talk to an attorney who can better breakdown each element and their nuances and provide any other considerations that may be beneficial to you and your partner.

Assets Before Marriage

• Do you want those assets to remain only yours?
  • For example, if you already own a home and you will live there after the wedding, does that house remain only yours no matter how long you’ve been married?

Assets After Marriage

• How do you plan to treat property you purchase together after marriage? Does it make a difference if one or both of you paid for it with funds you owned before you married?

Income

• How do you plan to treat income after marriage? Money is a common irritant for married couples. Is one of you a spender and the other a saver? How might that affect your decisions about combining your income and paying expenses? Who will be the manager of family finances and maintain records?

Spousal Support

• Many people initially think that a prenup always provides that there will be no spousal support paid by either spouse. Therefore when we meet, we will talk through what makes sense for you and your future spouse.

For example, if you have children and one of you chooses to be a stay-at-home parent this obviously impacts the ability to advance in his/her career and income over time.

Sunset Clause

• The Sunset Clause states that after a certain length of marriage, the prenuptial agreement (or certain provisions) expires and is no longer operational.

Gifts/Inheritance

• Gifts or inheritance received by one spouse remains that spouse’s alone and will not be divided in a divorce, unless it was gifted to you both or intentionally placed in joint accounts/ownership.

Death

• In the event of passing, do you want it all to pass to your children, your spouse, or a portion to each? There are ways to structure your prenup to protect the survivor and the kids!

Take some time. Give some thought to these key details. You don’t have to have it all figured out before you meet with an attorney, but you’ll be better prepared when you do.

There are strict markers for what a prenuptial agreement must address to be upheld by a court if there was ever a dispute. It’s worth doing right so call or text us at 269-428-3447 to schedule a time. We will talk about how your prenup can be done in a thoughtful, loving way for you and your spouse-to-be.