If you are planning to get married and agreed to create a prenuptial agreement with your fiancé, you might have some questions about what to include in this essential legal document. After all, your prenuptial agreement will only be as effective as you make it. Continue reading to find out what you should consider including in your prenuptial agreement.
Creating an Effective Prenuptial Agreement
Prenuptial agreements are often perceived as romance killers, but drafting this document is actually one of the most responsible and considerate moves you can make as a couple. It does not mean you believe your marriage will ultimately fail, but rather that you would like to spare each other some stress and frustration if it does. You might never have to use it, but knowing you have this safety net will provide a sense of security.
Before you create this legal document, you and your future spouse must disclose your finances to each other. You can accomplish this by completing a financial disclosure statement, identifying all of your debts and assets.
Here is what you might want to include in your prenuptial agreement:
Make clear distinctions between what is marital property and what is separate property. One of the most time-consuming and contentious tasks in the divorce process occurs when spouses fight over the distinctions between different types of property and assets. Addressing this in your prenuptial agreement is the most important step you can take.
If your future spouse has a significant amount of debt, use this opportunity to protect yourself against it by ensuring you are not responsible for any of it in the aftermath of a divorce by limiting your debt liability.
If either of you has children from a previous relationship, you can also use your prenuptial agreement to ensure they will still inherit some of your property.
If you want to ensure your prenuptial agreement is enforceable, you must not include anything that is considered off-limits. For example, child-related issues cannot be included in a prenuptial agreement because such decisions are based on the children’s best interests. If you include matters such as those pertaining to child custody, you risk not being able to enforce your prenuptial agreement at all.
Reach Out to an Experienced Family Law Attorney Today!
If you wish to create a prenuptial agreement, you need to hire experienced legal guidance to ensure you create an effective document. At The Law Offices of Mark R. Hinshaw, PLC, our family law attorneys have the skill and knowledge necessary to help you create a document that will protect your interests and future if your marriage fails.
Call our law office today at (515) 200-7571 to set up an initial consultation with a member of our team.