Making the decision to get married means that you’re planning on spending the rest of your life with that individual. Most people don’t go into a marriage thinking that it will end, but it’s something that must be considered, particularly if you have considerable assets.
Prenuptial agreements are formal agreements between parties who are getting married. What’s included in the prenup depends on your circumstances. They can help to protect both parties but are often thought of as a red flag.
Why are prenuptial agreements a good thing?
Having a prenuptial agreement can help both parties to ensure that their thoughts about money and assets are aligned. Being able to discuss the terms of the agreement requires openness and trust in each other.
When you’re creating a prenup, you must ensure that both parties are fully accounting for the assets and debts they have. These agreements must be based on comprehensive information.
How can you ensure a prenup is valid?
In order to be considered legally enforceable, the prenup must be reviewed by both parties. You and your betrothed must each have your respective legal representatives review the document.
Additionally, there can’t be anything forbidden in the terms of the prenup. For example, child custody terms can’t be included in a prenuptial agreement because decisions about custody must be made based on what’s best for the child at the time the parenting plan is set.
Prenups must be written out carefully. They can’t overly favor either party. Ensuring that everything is set up properly is critical, so it’s imperative to work with someone familiar with these agreements.