Having a prenuptial agreement is a good idea for most people, but certain demographics may be especially vulnerable if they do not get a prenup in place before marriage. If you have children from a previous marriage, substantial assets that you want to protect or a very specific estate plan, a prenuptial agreement can be a very important tool to protect your interests and ensure your wishes are carried out in the event of a divorce.
Prenuptial agreements are legally binding contracts, but that does not mean you have carte blanche to put whatever you want into it. Prenuptial agreements have a very specific focus, and adding any additional terms that do not fall under a prenup’s purview could end up with the entire document being set aside in court.
A prenuptial agreement is set up to handle property division and alimony or spousal support. It cannot legally have any provisions for child support, child custody, parenting time or who will pay for what child-related expenses. A prenuptial agreement should be focused on the division of the finances, including joint and single bank accounts, retirement and investment accounts and physical property.
Having skilled legal counsel to walk you through the process of preparing a prenuptial agreement is important. Even though you will be working with your spouse-to-be, it’s important that both of you have the proposed agreement reviewed by an attorney who can help you understand what the consequences could be later on. At the law offices of Kathy D. Sheive, we can look for ambiguous terms and make sure your prenup only includes what it legally can to avoid potential problems later on.