What To Ask For In a Prenuptial Agreement

Prenuptial agreements are made prior to marriage regarding property rights of the spouses. Here’s what to ask for in a prenuptial agreement.

Prenuptial agreements can contain any property already owned by either of the spouses, as well as property that will be acquired during the marriage. Prenups can help ensure fair property division in case of separation and make sure both parties maintain equitable ownership.

Who Needs a Prenup?

There is a misconception that prenuptial agreements are meant for couples in which one partner earns more than the other, however, prenups are also useful for those with children from prior marriages, as well as those who have already been through a divorce. Prenups allow involved parties to feel stable and help ensure the financial well-being of both the couple and their children (if any).

Here is what can be asked in a prenuptial agreement.

Premarital Assets
Premarital assets are any property that was acquired prior to the marriage. Some common examples of premarital assets include:

Real estate
Jewelry
Vehicles
Savings accounts
Debts

Premarital assets are considered “separate property”. Thus, primary ownership is maintained by the spouse that acquired such property in the first place.

Before initiating a prenup, it is necessary for both spouses to have a complete list of any assets they own, as well as any debts they have, up to the point of marriage.

Property Acquired During the Marriage

Marital property is anything that the spouses have obtained during the duration of the marriage. When it comes to marital property, it is important to discuss how the property accumulated together – also known as “community property” – will be divided: jointly and equally (50/50) or rather in another arrangement.

Gifts

During the time of the marriage, both parties are bound to spoil the other with gifts. With a prenup, gifts can be grouped to be kept by the receiver in case of divorce.

Alimony

Alimony is oftentimes called spousal support. This is the amount of financial support one might receive from their spouse after the divorce. It is important to consider various stipulations that would ensure the minimum amount of alimony is received, especially for those divorcees that have children.

Debts

During the marriage, debtors can go after marital property even if only one spouse owes money. A prenuptial agreement can be used to protect a debt-free spouse from the debts of their significant other, leaving them out of debts not acquired by them. In case of a divorce, all debts are required to be paid off by the original borrower.

Saving and Spending Strategies

A prenuptial agreement also can discuss the ways the spouses will invest and navigate their finances. It allows for a concrete plan regarding how much money is deposited into joint or personal bank accounts, allowing for couples to strategize budget maintenance.

Children From a Previous Marriage

A prenup allows a spouse to protect their children financially from any conflicting interests of a new spouse. A clause in the prenup regarding children from a previous marriage ensures that children’s property rights are continuously enforced.

Infidelity Clause

An infidelity clause in a prenuptial agreement states that if one party is proved to have been involved in an extramarital affair, the aggrieved spouse will receive a financial award from the cheating spouse.

This clause allows the faithful spouse to not suffer financially after the divorce, and it also provides more behavioral guidance for both spouses.

How To Approach Drafting a Prenup?

Although it is extremely important to discuss each part of the prenup with a spouse, it is necessary to partner up with an attorney. In order to make sure a prenup is valid and enforceable, it is best if it is written by attorneys. It is highly recommended that both spouses have independent counsel that can provide individual advice on each person’s rights and responsibilities. One attorney cannot represent both parties, thus it is essential that both spouses are on board.

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