Some people think of prenuptial agreements as financial arrangements between wealthy individuals who are going to get married. The truth is that these agreements are actually suitable for anyone who’s going to say “I do.”
A prenuptial agreement is a chance for both parties to ensure that they’re on the same page about finances. It generally gives each person a comprehensive look at the other person’s finances, so there’s no question about who has what.
Fairness is a critical consideration
One thing that a prenuptial agreement does is set the plan for what happens to assets if the couple gets divorced. Making this plan doesn’t mean that a couple expects the marriage to end. Instead, this is a way to establish a clear agreement so that both parties know what to expect if they divorce. It’s critical that the prenuptial agreement is fair because the court may throw it out if it overly favors one party.
Certain things can’t be included
There are certain things that can’t be included in prenuptial agreements. Many of these have to do with children. A prenuptial agreement cannot have any terms related to visitation, parenting time, child custody or child support. Further, nothing that would violate the law also can be included.
It’s important to discuss a prenuptial agreement well in advance of the wedding. Both parties need to have the opportunity to consult with their respective attorneys and ensure that the agreement is in their best interests. Neither party should be forced to sign the agreement under duress because that would invalidate it. Ensuring that the agreement is legally binding is critical for optimal protection for both parties.