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Prenuptial agreements serve an important role for many couples to protect their finances in case their marriage fails. Not only that, but a prenuptial agreement also simplifies the process of reaching a divorce settlement since much of the asset division is clearly defined.
There are a few key things to consider when you establish a prenuptial agreement.
Define Individual And Marital Property
A prenuptial agreement defines any property that either party brings into the marriage so that they can retain that property in the event of divorce. Defining individually-owned property clarifies marital property as well, narrowing down assets for division.
Establish Protection For Children From Prior Relationships
If either spouse has children from a previous relationship, prenuptial agreements establish financial reserves for those children. Define specific assets or funds for those children to ensure future support.
Detail Each Spouse’s Responsibilities
When there are clear expectations for each spouse to contribute to the marriage, including who will handle specific bills and who will take care of household management, it reduces conflict. One section of the prenuptial agreement should define those roles and responsibilities to set expectations.
Incorporate A Sunset Release
A sunset release in a prenuptial agreement details when the agreement expires. The agreement remains in force for a specific period and, if the marriage lasts long enough, both parties are released from those obligations.
Prenuptial agreements are not just about preserving wealth. Use a prenuptial agreement to define the expectations, financial distributions and future plans for both parties in a marriage.