A prenuptial agreement is a contract between partners before they enter into marriage. Here’s everything a woman should ask for in a prenup.
Prenuptial agreements are an important tool to plan for marriage and the potential end of a marriage. Both parties must agree to all terms and disclose financial facts beforehand. The laws regarding prenuptial agreements vary from state to state.
What does a prenuptial agreement do?
A prenuptial agreement can make the divorce process much simpler. A prenuptial agreement can outline property division, financial responsibilities, and spousal support. However, a prenuptial agreement is not a custody agreement in a divorce. It also may not outline spousal duties for the marriage.
What should a woman include in her prenup?
Separation of Property
Some states consider all property a couple accumulates within a marriage to be community property and all property a spouse acquires before the marriage as separate. In a divorce, the judge will evenly split community property, and each spouse will keep their separate property. A clear delineation between community and separate property may be useful.
Some couples may find it helpful to establish community and separate status for intellectual property, which can help protect business ideas, music, or art.
Gifts and heirlooms are also property that might be mislabeled as community property if not otherwise specified. Once a spouse gifts an item to their spouse, the gift is typically treated as the receiving spouse’s property. When gifting heirlooms or other sentimental items, it may benefit a woman to clarify heirloom ownership within the prenuptial agreement.
Related: 9 Steps to a Fair Prenuptial Agreement
Planning for the Future
Couples may find it helpful to have a clear plan for how their estate will be distributed in the event of their deaths. A prenuptial agreement can lay out the division of assets if a spouse dies. A prenuptial agreement takes precedence over a last will and testament. Planning out one’s estate plan in their prenuptial agreement ensures that their wishes regarding their estate will be carried out. A woman might find this particularly important if she would like to pass on property to her children rather than allow the court to deem it community property if she passes away.
A woman might also find it helpful to plan for retirement within her prenup. Once married, contributions to a retirement plan or account become a community or marital property. If a woman wants to keep her retirement plan protected, she should specify that her plan is not community property in the event of a divorce.
Couples can delegate financial responsibilities within the prenup. A woman and her spouse may decide who will be in charge of major financial decisions and living expenses. They may also choose separate or joint bank accounts and how much money will be put into savings accounts. Planning within the prenuptial agreement allows these decisions to be legally enforceable in the future.
Debt protection is an important part of a prenuptial agreement. Debts amassed before or during a marriage may become a spouse’s responsibility in the event of divorce or death. To prevent responsibility for debt not incurred by oneself, spouses can enter a provision to keep debt as separate property in the prenuptial agreement.
A woman may also find it helpful to plan for spousal support in the event of divorce. Spousal support is also known as alimony and is the financial compensation a spouse receives after divorce. Spouses may make stipulations regarding the amount or enforceability of alimony within the prenuptial agreement.
Related: “Should I Get a Prenup?” Take the Quiz
Other Issues
Child custody may not be included within a prenuptial agreement. But, pet custody may be included. Spouses may want to clarify who will receive pet custody in the event of divorce.
Social media protection is a recent addition to prenuptial agreements. Some couples find it helpful to outline what can and cannot be shared on social media, which may also be beneficial to outline how to profit from social media will be split in a divorce.
FAQs about What a Woman Should Include in her Prenup
What cannot be included in a prenup?
A prenuptial agreement cannot include custody arrangements in the event of divorce. The court handles custody, visitation rights, and child support independently.
Does a prenuptial agreement mean divorce?
No, a prenuptial agreement’s application is not only for divorce. A prenup can be important in outlining financial responsibility within marriage and estate planning for after.
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