Prenup Format For Couples Who Want Their Finances Kept Separate
The wedding will be arriving in the next few months. You’ve sat down with your spouse to discuss your finances together, and both of you agree that a prenup agreement is the best for everyone just in case a divorce happens in the future. You have family inheritance and real estate property that you want your children from a previous marriage to inherit, and your soon-to-be-spouse has a business that they want to keep exclusive ownership rights to for themselves and their business partners.
Yet neither one of you knows what should go into a prenuptial agreement. Should it list every financial asset that each person has? What types of contingencies should go into the agreement if life circumstances change for one spouse during the marriage?
Forming a Prenuptial Agreement
Keep in mind that a prenuptial agreement will state all the financial obligations and rights each person has regarding all listed assets and debts. The agreement should cover all assets that each person obtained before the marriage, as well as financial assets and property that may be acquired during the marriage.
Since there may be a range of different situations that you want to discuss in the prenup, it is always advisable to speak with a marriage lawyer who can go over the legalese and the details about the contract. In addition, each party must have separate lawyers during the prenup process. Each lawyer can then concentrate on ensuring that the rights of their individual client is taken care of, and can point out parts of the contract that are unreasonable or unfair.
There are typically five main topics that the prenup agreement should cover. Since every couple’s lifestyle is different, there may be other financial obligations that need to be included in the prenup agreement.
All income will need to be fully disclosed so that it can be discussed in the prenuptial agreement. You cannot hold back any financial information because you don’t want the other person to know about it. If you don’t reveal the information, the prenup agreement can be contested in a court of law or be invalid. So discuss all previous income to figure out what will be kept separate and what will be shared during the marriage.
Spousal and Child Support
Since one spouse may have been married before, they could be currently paying alimony or child support to an ex-wife or ex-husband. You want to establish who will be financially responsible for this obligation.
You may be inheriting the family home, real estate property, a business or other assets. If this inheritance will be kept separate for one side of the family during and after the marriage, you will want to discuss this arrangement in the prenup agreement.
While most people focus on separating wealth and finances in the prenup, you shouldn’t forget to discuss debt obligations. Some people can carry massive debt, such as student loans or medical debts, around with them before the marriage. You want to state who will be obligated to pay those debts off during and after the marriage.
The main point of the prenuptial agreement is to decide on what things you will keep and what things will be shared in the event that a divorce happens. So the contract should provide details regarding claims for alimony and what to do about any assets that are obtained during the marriage. It can also discuss property sales and how much proceeds each person will get from a marital house if it is sold any time after the divorce.
Getting Help with a Prenup Agreement
Due to the many intricacies involved with a prenup agreement, there may be certain clauses, provisions and exceptions that need to be added into the overall contract. It is always advisable to seek out a qualified professional such as a marriage law or family law attorney who has years of experience forming prenuptial contracts. A family law attorney will also have the knowledge regarding marriage and divorce rules that are specific to your location in the cities of Boston, Needham, or Quincy, MA. This knowledge and experience will ensure that the prenuptial agreement will be valid in a court of law and cannot be contested later on.
If you want to get a prenuptial agreement drafted, contact attorney Gabriel Cheong at Infinity Law Group. Our law firm helps couples discuss prenup agreements, draft contracts and review clauses and exemptions to ensure that the contract will protect your financial rights. Contact our office today for a free phone consultation. Then we can schedule an appointment to create a prenup agreement that is right for you.