A prenuptial agreement (prenup) is a sensible document that you and your spouse need in case of a dissolution of marriage. However, you should never sign a prenup without knowing how to properly dot your I's and cross your T's. Here are eight things you should know before signing a prenuptial agreement.
1. Say No to One-Sided Prenups
In most cases, one-sided prenups are not held up in court. Therefore, it is in the best interest of both parties to have a fair arrangement outlined in the prenup for protection for both you and your spouse's prenuptial assets.
In addition, if only one person has a lawyer, a prenuptial agreement may be considered invalid. Each party has their own interest at stake. Therefore, they both should be represented by their own counsel. If you have a lawyer and your spouse does not, the agreement cannot be enforced.
2. Protect Yourself From Previous Debt
When you are married, creditors can come after you for your spouse's debt prior to the marriage. A prenuptial agreement can help protect you from that debt. A prenuptial agreement helps you to limit your debt liability.
3. Protect Your Heirlooms
Unfortunately, your grandmother's china can be given to your ex during a divorce. You can protect the loss of your heirlooms and other property by listing them in the prenuptial agreement as yours. You can also make provisions for any future inheritance you may have during the marriage.
4. Waive Spousal Support and Death Benefits
This varies from state to state. However, for some, you can outline in your prenuptial agreement that you will not pay spousal support. You can also waive any death benefits. For example, a living will may not be upheld if the spouse is cut out of it. If your prenup alludes to this, your will is more likely to be upheld.
5. Never Pressure Your Spouse
Your prenuptial agreement may be considered invalid if your spouse can prove that you pressured them into signing it.
6. Allow Time For Reviewing and Revising Your Prenup
A prenup may be considered invalid if someone did not read it before signing it or have time for proper revisions. For example, if you give your spouse the agreement a day before the wedding, it can be considered invalid due to the time constraints.
7. Outline Your Responsibilities During The Marriage
These details can include management of household bills, expenses, joint bank accounts, and credit cards. You can also arrange for putting your spouse through school, handling property distribution and life insurance upon one's death, and what to do about retirement, savings, and investing.
8. Include Your Children
If you have children from a previous relationship, your prenup can protect them. You can include that they inherit parts of your estate. However, a prenup cannot include decisions about child custody or child support.
Marriage is a wonderful life changing event. However, you are merging your life with someone else. Above are eight ways you should protect yourself and prevent further disagreements with a prenuptial agreement should your marriage come to an end. For more information, talk to an experienced lawyer from a firm like Eschbacher Law.
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