Many people might have strong feelings about a prenup agreement. Some believe it’s a great way to protect yourself before marriage and others find it un-romantic. If you do decide to move forward with a prenup you should make sure and define your personal vs marital assets. In addition, you should also define personal and marital debts. You can also choose to make provisions for children from an earlier marriage. And finally, you might choose to include a sunset provision that nullifies the prenup after a certain amount of years of marriage. If you do choose to ask for a prenup, make sure and speak with a knowledgeable attorney to make sure you are protecting yourself and your children.
What to include in a Prenup Agreement? How to Best Protect Yourself
Personal vs Marital Assets
One of the main reasons that people decide to get a prenup agreement is to define personal assets vs marital assets. If one partner is coming into a marriage with more wealth or assets, they may want to keep them separate. This would be different than money that you acquire during your marriage. This can also apply to things like family heirlooms. This is a way to ensure that specific items or money stay with you if the marriage ends.
Personal vs Marital Debts
Similar to personal and marital assets, many choose to get a prenup agreement to protect themselves from debt. If your partner is bringing a lot of debt into the marriage and you don’t want to risk being stuck with it during a divorce, you can specify this in a prenup. You would split any debts that you incurred together during the marriage equally if you divorce.
Dependents from Previous Marriage
Another important thing to include in a prenup agreement is provisions for any children from a previous marriage. This is a way for you to set aside money or property that they will inherit if you get a divorce. It keeps these from being able to be split during a divorce. If there are specific heirlooms that you want them to have you can include them in a prenup.
Sunset Provision
Finally, one uncommon clause that some people choose to include in a prenup agreement is a sunset provision. Many people think that spelling out the terms of your divorce is very unromantic when planning a wedding. However, with a sunset provision, the prenup would be null after a certain amount of years of marriage. This can be a way to put a partner at ease if they are hesitant about a prenup for emotional reasons. It shows that if your marriage stands the test of time, the prenup doesn’t need to be worried about anymore.
A prenup agreement can be a really good way to protect yourself financially in the event of a divorce. It can also protect any children you have from an earlier marriage. Make sure to include any personal wealth or property that you want to keep separate from joint assets. In addition, you can protect yourself from inheriting your partner’s debt through a prenup. You can also provide for your existing children by specifying what they would still inherit if you divorce. And finally, you can choose to include a sunset provision to end the prenup after a period of time. While it can be a polarizing thing to bring up before marriage, a prenup agreement can really be a good way to protect yourself financially.
