Prenuptial agreements may not be a favorite topic of discussion before marriage, but they serve an essential role. From protecting assets to determining the living arrangements of children, and everything in between, a good prenuptial agreement can help couples feel at ease over their financial arrangements when entering the bond of marriage. Here are five common items found in prenuptial agreements.
Provisions for Children from Previous Relationships
One of the more common items included in a prenuptial agreement is provisions for children from previous marriages or relationships. If you have children from a former relationship, adding them to a prenuptial agreement may be one way of ensuring that they are not disinherited in the event of any future separation. This way, you can ensure that they will receive part or all of your property as their inheritance, with no fear of it being taken away.
Divisions of Assets
As laws about the division of assets in the event of divorce differ from county to county, and state to state, agreeing with your spouse how your assets will be divided and put it in a prenuptial agreement may be your best bet in the long term. Discussing how assets should be divided in the event of separation certainly isn’t the most comfortable discussion to have but being open and honest with your partner about financial arrangements is both honest and prudent.
Separation of Business Interests
If you are a business owner and plan to get married, what happens to your company in the event of a divorce? Without a prenuptial agreement, during a divorce proceeding, your former spouse may be able to claim part ownership of the business – even if they played no part in the day-to-day operations of it. Having a prenuptial agreement allows you to establish your business as a separate entity from your assets, meaning that in the unfortunate event of a divorce, your company will be safe from any claims by your ex-spouse.
Provisions for Pets
Having a pet is great. But what happens if you entered into a relationship and after divorce, your ex-spouse tried to claim ownership of the family pet, even though they were yours long before the relationship? In some relationships, the bonds between individuals and their pets are as strong as they are with children. If you want to make sure your pet is not in danger of being claimed by a jilted partner, make provisions for their housing and care in your prenuptial agreement.
Protection from Spousal Debt
When a relationship ends, the last thing you want is to be burdened with the debt of your ex-spouse – especially if the debt was not yours, to begin with. Often, when couples get together and wed, one of the partners may be dealing with outstanding debt. This lingering debt may be from student loans, previous credit cards, or even a mortgage. By establishing that any pre-existing debt burden is the sole responsibility of your spouse in a prenuptial agreement, you save yourself the worry of unwanted debt, and harassment from creditors should the relationship fall apart.
Contact an Experienced Lawyer Today for Prenuptial Help
Filing for divorce is typically not something that couples preparing to wed want to discuss. By working through a prenuptial agreement, however, both parties can enter marriage with a sense of understanding and financial security for the future. If you are considering drafting a prenuptial agreement, it is always advisable to talk with an experienced divorce lawyer beforehand. Contact the Law Offices of James C. DeZao today at (973) 358-6134 today for your free consultation.