Top Reasons Why You Need a Prenup

Prenuptial agreements can serve many important functions and serve as a powerful tool to protect financial interests. While protecting a person’s wealth is one important reason for a prenuptial agreement, prenups are not only for the rich. Some of the top reasons to get a prenup include: Pass Separate Property to Children from Previous Relationships Many families today are blended with spouses bringing children from previous marriages and relationships into the new marriage. Spouses may have conflicting interests between protecting their new spouse and children who were born prior to the marriage. The prenuptial agreement may specify what happens to the spouse’s separate property when he or she dies. Without...

Read More

What You Can and Cannot Include in a Prenup

A prenuptial agreement is a written contract that fiancées sign before they get married that list their property and specifies what property rights they will have after they get married. This agreement can be comprehensive and include many provisions. However, state law may or best practices may dictate certain provisions that should not be part of a prenuptial agreement. Provisions that Can be Included There are a number of provisions that may be included in a prenuptial agreement. Some provisions may deal with the following issues: Classification of Separate and Marital Property The prenuptial agreement may definitively classify separate and marital property. This classification allows a couple to avoid the...

Read More

Important Considerations for Prenuptial Agreements

Executing a prenuptial agreement can be a great way to protect financial interests, provide clarity regarding finances and create a plan in case of a worst case scenario. While the requirements for a valid prenuptial agreement vary by state, some important considerations include: Financial Disclosures Most states require spouses to provide full disclosures regarding all of their income, assets, accounts and liabilities in order to effectuate a valid prenuptial agreement. Some states may also require that soon-to-be spouses give any information about any factor that could create a shift in their financial position to each other. Fairness The prenuptial agreement must be considered fair in case a court is needed...

Read More