WHAT TO INCLUDE TO YOUR PRE-NUPTIAL AGREEMENTS
Not all love stories end happily ever after as some get married and get a divorce after. So if you are one who is more stable and set what you’ve built in places, we don’t blame you if your lawyer is a dial way. You need to call him, though, and ask him to walk you through the whats and what-nots of a pre-nuptial agreement. We’ll brisk you through it to help you rough draft your own, if not in a paper, at least to set it somewhere there at the back of your mind. So, here goes:
PRENUPTIAL AGREEMENTS INCLUSIONS
Distinctions Between Separate And Marital Property
A pre-nuptial agreement is a legal agreement between parties that will dictate what will happen once a marriage fails. Always, it dictates this very inclusion, the distinction of properties and investments. It separates what is personal and what is marital property in the agreement. Most states and countries have their own law with regards to treatment about this distinction, but generally, marital properties are parted by law at 50/50. Another term they also use for the marital estate is community property. So whether the separation is by death or willful separation of two married individuals, your pre-nuptial agreement will spare you the court’s grueling decision.
Protections Against the Other Spouse’s Debts
There can be times that we blindly step into things, and marriage can be that field you blindly walked into. Unfortunately, it is not knowing your spouse could eventually strip you off with the very things you tried to build to get you ready for the life you’re supposed to enjoy. Fret not, if you’ll be extra clear about what to include, this prenup will protect you from your spouse’s debts. Setting an agreement in place as to your limit of loan or debt liability should secure you from creditors out and about to collect from the marriage list of estates.
Provisions Providing for Children from Previous Relationships
For marriages after marriages, it becomes even more, a must to have this at arm’s reach. Most especially when you have children from your previous marriage, protect their interest by having your lawyer draft a good one for you, especially one that protects your very own children’s interest. By this, we mean to specifically ensure that your children inherit the very things you’ve worked and set for them to have. Prenuptial agreements help ensure this. Especially as good head and father of the family, you sleep better knowing you have done your part in protecting your children.
Protections to Keep Family Property in the Family
Sometimes also, there’s the family property and business we have to protect. Some people think negatively about prenup agreements as a terrible thing to be already thinking about divorce way before marriage even started. But actually, anyone with the genuine interest to make a marriage work will think smartly and sign anyway as a proof that their intention of coming into the wedding is not because of chasing down opportunities or property investments. Because if you are part of a family with a property heirloom or business, protecting it from marriage, failure is a must. So don’t forget about it in your prenup.
Protections for Estate Plans
If you’re marrying an established person with all plans set in place, don’t be all insulted the pre-nuptial agreements protect their plans. They’re there for a reason, and it should be respected. The same is true if you have the same. Protect the estate plans, your will, and living trusts. So that in the event, you ensure that all plans are carried as planned. A good lawyer should be part of the drafting and stipulating things down to avoid confusion.
Directions for Property Distribution upon Divorce
It is important to note that divorce guidelines may vary in different states or nations. Usually, the state’s law governs how divorce is carried out and who gets what in the event of divorce. But here’s the trick, by having a prenup, you both get to safe keep what you’ve planned together to do in case the marriage does not work. Yes, a prenup can bypass a lot of the state’s law about the separation of properties. There are states which prohibit it, but at best, ask your attorney for help with regards to this and so to clarify your state’s issue or stand about it. Do it at least before you draft your pre-nuptial agreements.
Based on Materials from FindLaw