When going into a marriage, some couples like to consider the option of utilizing Prenuptial Agreements in order to ensure their safety. There are many things to be addressed when creating a Prenup, which is why it’s important to have a trusted attorney that can help.
What is a Prenuptial Agreement?
Prenuptial Agreements are contract made between two individuals who are planning to get married. It sets forth the rights of each spouse and property division in a divorce. It can also address certain issues not set forth in a will if either spouse dies. A Prenuptial Agreement only becomes enforceable if the couple actually gets married.
Who needs a Prenuptial Agreement?
Usually individuals with significant assets execute a Prenuptial Agreement to keep their money and property separate. Also, couples on a second or third marriage may use it to avoid another messy divorce.
What does a Prenuptial Agreement cover?
A Prenuptial Agreement can resolve any matter relating to the spouses’ property, alimony, assets and debts. It may deal with some of the following issues:
- each spouse’s rights to certain property owned individually or as a couple
- the division of assets and debts in the event of divorce or death
- the division of expenses during marriage
- whether gifts and/or inheritances will be considered marital or separate property
- whether either spouse is entitled to alimony in the event of divorce, and if so, how much and for how long
- whether each spouse will receive death benefits from the other’s insurance policy
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