Nowadays, signing a prenuptial agreement before marriage has become a common practice. Essentially, it is a contract entered into prior to a wedding where a couple specifies the terms of marriage. This includes details about how they will divide the property, income, debts, and expenses in case the marriage dissolves.
Although talking about prenuptial agreements can be tough for a couple, there is a reason they exist. They are beneficial in legally protecting each spouse, in case something goes wrong. You can learn more by clicking here.
In this post, we will look at the most common features of a prenuptial agreement. This will help you gather a better understanding of the same.
Common Features of a Prenuptial Agreement
Prenuptial agreements have several clauses to ensure peace of mind for both spouses. These include:
- Financial Separation: This helps to protect each partner from the other partner’s debt.
- Property Separation: This helps to safeguard each partner’s property assets.
- Alimony: This clause is important as it helps to determine the level of support owed to a spouse, both in case of death or divorce.
- Child Inheritance: This determines what children inherit after a divorce between their parents. This clause is especially important if one of the spouses was in a prior marriage and had children before.
- Division of Responsibilities: This determines the duties and responsibilities of each spouse after the marriage.
- Forum Selection: This decides which jurisdiction will rule any dispute that arises between the couple before the marriage. Often, the goal is to resolve the dispute through negotiation and not trial if the goal is to ultimately get married.
- Choice of Law Clauses: A lot of people confuse this with forum selection. While forum selection determines the location and form of resolving the dispute, choice of law clauses decides the rules that the couple must follow.
- Sunset Provisions: This determines the date when the prenuptial agreement shall end.
Benefits of Having a Prenuptial Agreement
The most obvious benefit of a prenuptial agreement is that it safeguards property. If before marriage, the spouses can agree on what property belongs to each of them, they can have a cordial relationship as well as avoid any drama in the future.
Besides, the agreement also permits blended families to safeguard property and other assets on behalf of certain family members. This ensures that they are not taken advantage of in the future. With a prenuptial agreement in place, the spouses can also determine how debts will be divided between the couple.
Prenuptial agreements are specific to the needs of a couple. They can easily get in touch with a good lawyer and prepare an agreement that is relevant to their relationship and legal situation.
Does Having a Prenuptial Agreement Signify Lack of Trust?
Not at all. In fact, with prenuptial agreements, a couple can bring more clarity into their relationship. They can openly communicate with each other before the marriage and straighten out any aspects that may likely cause friction in the future.
Thus, prenuptial agreements strengthen relationships rather than rescind them. You can get in touch with a good lawyer to finalize an agreement before you enter marriage.