No one enters a marriage thinking they will have to separate from the love of their life at one point. However, reality states that more than half of marriages in the United States end up in a divorce. This is why establishing a prenuptial agreement before the wedding is essential. It is a legal contract that specifies how a couple will handle things if they choose to divorce.
Bringing up the topic of a prenup before the wedding can be complicated and difficult. However, difficult conversations like this are important to avoid the worst later. The document does not only benefit one party but both of them. To know how a prenup works or how it can help you during a divorce, speak to a Huntsville divorce lawyer today.
Things to include in your prenuptial agreement
- Separate debts and assets.
The prenuptial agreement must contain a section that lists the separate debts and assets owned by each party before the marriage. This will help establish which assets and debts are yours and which ones are your spouse’s. Financial issues usually occur when one spouse has more assets or debts than the other. So, a prenup can avoid those.
- Distinctions between marital and separate property.
A section of the prenuptial agreement must outline the distinctions between marital and separate property. Separate property is what each spouse owned before the wedding, and marital property is the property incurred during the marriage. You and your spouse can decide how you want to treat your separate property and how you want the marital property to be divided upon divorce.
- Financial responsibilities.
It is important to outline the financial responsibilities of both spouses before the marriage, so there are no conflicts later on. You may have various financial questions before the wedding, such as who will pay for retirement or who is going to take care of the household expenses. Make sure you present these questions before your spouse and clear things out in advance.
- Children from previous marriages.
A prenuptial agreement should have a section specifying the details and other things related to children from a previous marriage. It is common for two divorced people with children to get married and blend their families. It is important to determine whether these children will be included in the divorce and child support considerations.
- Sunset clause.
A sunset clause nulls the prenuptial agreement if the marriage lasts longer than a certain time. Even though prenups are not the most romantic thing ever, they are important. So, this clause is to discourage a significant other from getting married.