Signing a prenuptial agreement means proactively managing your financial future with your spouse. This marital contract helps couples avoid conflicts in case of a divorce by clearly defining their financial rights and responsibilities before tying the knot. However, for a prenup to serve its purpose effectively, you must know what specific terms you can and cannot include.
What you can include in a prenup
- Division of property: A prenup simplifies the division of assets if your marriage ends. It allows you to set terms for managing the assets you currently own and those you might acquire in the future, like investments.
- Financial duties: You can use your prenup to outline financial responsibilities during marriage, such as who will handle household bills, how you will manage joint bank accounts and how you will use credit cards.
What you cannot include in a prenup
- Child support or custody: Prenuptial agreements cannot dictate the terms of child support or custody arrangements. These decisions are always made based on what is best for the child at the time of divorce, not before.
- Anything illegal: Including illegal terms in your prenup can automatically invalidate it. It is crucial to stick to lawful provisions when drafting your agreement.
- Nonfinancial matters: Prenups are not the place for personal rules or nonfinancial issues, such as who does which household chores or where you spend your holidays.
Creating a prenuptial agreement that is fair and valid requires careful consideration and an understanding of the law. If drafted correctly, this critical agreement could avoid scrutiny in court. Consider working with a knowledgeable lawyer who can help ensure your prenup protects your interests and adheres to legal standards.