A prenuptial agreement can provide you and your betrothed with financial stability to start your marriage off on the right foot. It can also set specific terms for what will happen with various assets if you eventually go through a divorce.
As you’re setting up your prenuptial agreement, you must ensure that you don’t make any errors that could lead to it being invalidated. The following are five prenuptial agreement mistakes that you should avoid.
Setting unfair terms
Prenuptial agreements must be fair for both parties. This doesn’t mean that it has to be equal, but it must be equitable. The agreement can account for what you and your future spouse each bring into the marriage and your respective earning potentials. A clear look at the financial situation of both of you is the basis of the agreement.
Including child custody or support considerations
You can’t include anything related to child custody or support. Custody decisions must be made based on what’s best for the children at the time. Child support is set using a specific formula that’s set by the state.
Adding terms that encourage divorce
Nothing in your prenuptial agreement can encourage a divorce. Instead, the terms must be set to encourage a strong relationship. Terms, such as providing a financial incentive to divorce, will result in your prenuptial agreement being thrown out by the court.
Putting in personal provisions
The terms of your prenuptial agreement should be centered on financial matters. Adding any nonmonetary points, such as where you’ll spend holidays or who will handle what duties, can also invalidate your prenuptial agreement, unless the jurisdiction where you’re executing your contract allows for certain lifestyle provisions.
Waiting too long to present it to your partner
Both parties must have time to review the prenuptial agreement. This means that you can’t wait until right before the wedding to present it. You must give your betrothed ample time to have their legal representative look over the agreement before they sign it.
Taking the time to get a prenuptial agreement in place can result in a strong financial foundation for your marriage. Making sure it’s all set up correctly so you can count on it if the marriage ends is critical, so be sure you work with a legal representative who can protect your interests as you move forward.