What Is a Prenuptial Agreement?

A prenuptial agreement is a type of contract created by two people before they enter into marriage. This contract could outline each party's responsibilities and property rights for the duration of the marriage. More commonly, prenuptial agreements outline terms and conditions associated with dividing up financial assets and responsibilities 澳洲幸运5官方开奖结果体彩网:if the marriage dissolves.

Understanding Prenuptial Agreements

Prenuptial agreements have always been a controversial topic for couples. Media portrayals of prenuptial agreements show them as devices that celebrities and other similar high-澳洲幸运5官方开奖结果体彩网:net worth ind𝄹ivi༺duals use in order to cap the amount of wealth that an ex-spouse can claim.

However, when carefully🔜 plann🍨ed and used correctly, a prenuptial agreement can be a fair way of disbursing assets and responsibilities.

Reasons to Sign a Prenup

Reasons for entering into these agreements vary, though wealthier spouses typically initiate prenuptial agreements to 澳洲幸运5官方开奖结果体彩网:protect property. In addition, older couples may each want such an agreement because they may have assets or retirement income to preserve and protect, and may want to see that children from prior marriages are awarded part of their estate.

Prenups can be a source of contention for 🌼c🌜ouples, especially if one partner has much more wealth than the other. A percentage of prenups wind up in court when the marriage dissolves.

A prenup generally contains a listing of each partner's individual assets, some indication of which individual assets will remain the property of each spouse in the event of a divorce, guidelines on how property acquired during the marriage will be divided in a divorce, language on responsibility for debts acquired before and during the marriage, and some outline of spousal support such as alimony should the marriage end.

Whether a prenup makes divorce easier or quicker is an open question. If one spouse asks the court to invalidate the prenup, that can open long🍸 and costly litigation. On the other hand, an uncontested prenup means less discovery of items listed in the agreement and, therefore, less acrimony. This means the court and attorneys will have less to do.

The Bottom Line

A prenup can be contentious, but it doesn't have to be. If you approach it with a sense of purpose and calm, the process will go smoother. It's important to have open communication with your partner, and to take the time to plan out what each person wants and needs from the agreement. This isn't something you can do in one night: it takes a lot of thinking and discussion. You might go through several versions of the document before you land on the final draft. Take your time.