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What an exciting time: You're about to get married! It's also a good time to decide how you both will handle your finances in your marriage. Create a Prenuptial Agreement to set a foundation for clear communication, protect your assets, avoid your spouse's debts and prevent conflicts should something happen.
Use a Prenuptial Agreement if:
You are contemplating marriage and wish to explain rights and obligations of each person regarding property.
Prenup, Prenup Agreement, Premarital Agreement, Marital Asset Protection Agreement, Antenuptial Agreement, Separate Spousal Property Agreement, Separate Property Agreement
More Prenup Information:
Prenups can be tricky. When you're sitting down to create yours, it's often best to do so with your spouse. Prenups aren't just about protecting yourselves in the unfortunate event you end up separated or divorced; they can also be about deciding whether certain debts are personal or shared, what to do with pre-owned property, and more.
And remember: a Prenup only goes into effect when you actually tie the knot.
What you can include in your Prenuptial Agreement
Firstly, you'll want to note who the agreement is for, and, importantly, who is creating it. You can create a Prenup yourself, jointly with your spouse, or, as is often the case, with the help of a marital or family attorney.
Marital status and children:
It's important to include the names of any children you or your spouse have from previous marriages (if any) or if you've had any offspring before your wedding date. And, if you were previously married, make sure to include if you were divorced or widowed.
Property, debts, and income:
Life doesn't begin at marriage. As such, you and your spouse will be starting your new life together with assets or financial obligations. What you need to decide in your Prenuptial Agreement is whether any of these are shared or if you'll be keeping them separate. It's up to you, your spouse, and your attorney. Perhaps you'd like to keep your debts personal but share your income, now that you're tying the knot. Maybe the home you own is a family property and you'd like to keep it separate. Note that in your Prenup.
What happens if you get divorced:
Obviously, no one sets out to get married and thinks of divorce. But in a Prenup, you can guard both parties in the event the unwanted does happen. You or your spouse, for example, can choose to forego a claim on alimony, or decide you keeps certain assets. Let's say there's a family property or heirloom you're bringing into the marriage: you may want to asset that, if you get divorced, you'll be keeping that.
When happens if one spouse dies:
While it's recommended that you create a (or update an existing) estate plan when you're getting married, you can set certain conditions about assets and offspring in your Prenuptial Agreement. Again, it's likely you and your spouse will be sharing most everything, but there are those occasional properties or assets you may want to keep in your biological family or give to your children as opposed to your spouse upon your death. You can include those in provisions in your Prenup.
Other documents for newlyweds:
A lot changes when you tie the knot. Here are some documents you might need to help start the next chapter of your life on the right page.
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Copyright 2015 Rocket Lawyer Incorporated. Rocket Lawyer provides information and software only.
Rocket Lawyer is not a "lawyer referral service" and does not provide legal advice or participate
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firm. Use of Rocket Lawyer is subject to our Terms of Service
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