Prenuptial agreements are most commonly used to prearrange
financial matters and protect future inheritances. They can
also be used to specify rights and privileges within a marriage,
or they can provide for the division of property and custody of
children if a couple divorces. You may also accomplish the same
goals by making a post-marital agreement, a similar legal document
created after you marry, but these agreements are less common than
those made before marriage.
Do you need a prenuptial agreement? Probably not, if you are both young,
have not accumulated any real assets and are not likely to inherit a sizeable
amount of money or property. In this case, the laws of your state which
establish how property is divided in marriage may fit your needs, and no
other contract would ever be needed.
If, however, you are coming into marriage with considerable assets,
including, for example, stocks, real estate, other investments, vehicles,
jewelry, art or anticipate an inheritance, you should consider a prenuptial
agreement, regardless of your age or previous marital status. You may also
want a prenuptial agreement if you own a business.
Talk to each other about what you want to include: for example, assets,
children from a previous marriage and inheritances. Decide what agreements
you might want to make with each other. Consult an attorney knowledgeable
about family law for advice. Incorporate your agreements into a written
contract prepared by one or preferably both of your attorneys. Make sure
you both believe the agreements are fair and equitable before you sign
anything. In the contract, you may want to specify a date or timeframe
for reviewing and, if needed, revising the agreement every 2 to 5 years,
for example.
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Basic Money Management
Basic Money Management
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