So, you're considering a prenuptial agreement to protect your assets and clarify financial expectations before tying the knot? Smart move! But before you start drafting up your prenup, it's essential to know what you can and can't include in this legally binding document. Let's break it down.
What You Can Include:
- Asset Division: A prenup allows you to outline how assets will be divided in the event of divorce. This can include property, investments, business interests, and any other assets you want to protect.
- Debt Responsibility: You can specify who will be responsible for any debts incurred during the marriage. This ensures clarity and fairness regarding financial obligations.
- Inheritance Rights: You can determine how inheritance rights will be handled in the event of divorce or death. This is particularly important if you have significant inheritable assets or expect to receive an inheritance in the future.
- Financial Responsibilities: You can outline financial responsibilities during the marriage, such as how expenses will be shared, savings goals, and any other financial agreements you want to make.
- Spousal Support: You can address spousal support, also known as alimony, in your prenup. This includes whether it will be paid, how much, and for how long. However, you must have lawyers for both partners review the agreement for it to be enforceable.
What You Can't Include:
- Illegal or Unconscionable Provisions: Any provisions that are illegal or unconscionable (extremely unfair or one-sided) will not be upheld by the court. This includes provisions that violate public policy or attempt to waive rights that cannot be waived.
- Personal Matters: While you can address financial matters in a prenup, provisions related to personal behavior, such as who does the household chores or how often you'll visit each other's families, may not be enforced by a judge. Prenups are primarily concerned with financial matters and asset division.
- Child Custody or Visitation: A prenup cannot address child custody arrangements. These matters are determined by the court based on the best interests of the child and cannot be predetermined in a prenuptial agreement.
- Changes to Child Support: Even if both parties agree to certain terms regarding child support in a prenup, these terms may not be enforceable. Child support obligations are determined by state law, awarded by a judge and are subject to change based on the needs of the child.
In crafting your prenup, it's crucial to consult with legal experts who specialize in family law and prenuptial agreements. Luckily, First partnered with some of the top family law experts to provide a comprehensive, enforceable prenup for anyone. Get started today.
Sources:
https://www.nolo.com/legal-encyclopedia/prenuptial-agreements-what-law-allows-30283.html
https://www.irwinirwin.com/what-cannot-be-included-in-a-prenuptial-agreement/
