Today we want to discuss important things to consider before signing a prenuptial agreement. Talking about a prenup with your future life partner can sometimes seem strange and awful. But marriage counselors and lawyers deal with prenuptial agreements very differently these days.
According to many experts, prenuptial agreements are about sharing the responsibilities and rights of acquired assets and liabilities in a legal agreement before the marriage.
So it indicates that sensible couples are most likely not going to end up in divorce or long-term separation. And the prenup is just a heads up of the possible events.
If you’re interested in learning more about a prenuptial agreement, read on to find eight crucial points before entering into a prenuptial agreement with your significant other.
What is a marriage contract?
A prenuptial agreement or prenuptial agreement is a written agreement between the future husband and wife. In this agreement, both commit their assets and liabilities. It goes on to explain the rights of each partner. Furthermore, this agreement states how the assets are to be paid out when the marriage is legally dissolved.
What to ask for in a prenuptial agreement is an important aspect that every partner should carefully consider. Usually, both partners consult a lawyer to clarify the prenuptial agreement.
The attorney will help you understand your financial goals, appropriate spending habits, taxes, debt allocation, contract validity, and more.
But you can have an idea of what to expect and consider before moving forward with a prenup with your partner. You will find that elaborated in the next segment.
8 Crucial Things to Consider Before Signing a Prenuptial Agreement
It is foolish to enter into a legal agreement without checking its specifics. And you don’t want to sabotage your lifelong courtship on a whim, do you?
Therefore, you should start preparing a marriage contract well in advance of the auspicious day. Find out what essentials make up a prenuptial agreement before you actually sign it. It is necessary for both of you to know what you are pursuing in your marriage from a financial and family perspective.
So let’s get to those important things you need to think about:
1. Cost of a marriage contract
Prenup costs can be anywhere from $1,500 to $9,000. It may cost more depending on the criticality of the assets and liabilities.
Your lawyer may charge a fixed fee for drafting an agreement, including all required clauses. However, if one or both partners want to add a special requirement, or if there is something more complicated, they may be charged an hourly rate on top of the flat fee.
2. People who need a prenup
People who need prenuptial agreements can be classified under different situations. You should also consider your situation before signing a prenup.
A marriage contract may be required if:
One or both partners were previously married; typical in an unhappy marriage There is a financial inequality, which means that one is richer than the other and is looking for an honest life partner One or both parties have children; declaring financial security for them in the event of divorce or death One partner has a large debt, so that the other partner does not have to bear the liability during the marriage or after divorce. One or both partners emphasize confidentiality about personal lives
So these are some good aspects that represent reliability and transparency that a prenup can guarantee for both partners.
3. Premarital Property vs. wedding goods
A prenup can invoke and settle the property acquired between the partners both before and after the marriage.
Property acquired before marriage is called premarital property. Conversely, marital property is the one you inherit during the marriage.
Essentially, a prenuptial agreement ensures that your property is settled in a safe manner and entitled to the rightful partner. The point is to stamp the commitment on the papers so that neither partner can deny or twist the payout later.
4. Honesty and Honesty
Speaking of fairness, a prenuptial agreement should be fair to both partners in terms of assets and division of debt. Most importantly, the court can disagree and ignore the prenuptial agreement if it is ambiguous or unfair to one of the partners.
Basically, the prenup should not divide the property so that one party gets a disproportionate amount of money than the other.
In addition, both parties must be honest enough to disclose their financial details in detail, including bank statements, stocks, bonds, estates, taxes, debts and liabilities.
5. Range of amendments in a marriage contract
Don’t go along with the rumours, as a prenup can be changed as often as both of your partners see fit. However, the lawyer will ask for the explicit consent of both partners about the changes.
In addition, there is room for a ‘sunset clause’, which means that you can add an expiry date to the contract. This will help both partners to revisit the attorney with additional changes if necessary.
6. Consider Child Support
This is something that a prenup cannot sign for the partners; child benefit and parental authority.
You cannot expect a prenuptial agreement to provide financial support for the children. Also, there is no room in a prenup to dictate custody of the children, including parenting, schooling, religion, etc.
These are the concerns that the court should investigate and decide for the welfare of the children.
7. Inclusiveness of a prenup
The sole purpose of the prenuptial agreement is mainly focused on financial provisions, debt assignment, inheritance and partner support. It shouldn’t be on the map if you expect any other social or irrational support from this.
What you cannot expect from the prenuptial agreement are:
Clauses that Encourage Divorce Encouraging Unlawful Activities Non-Financial or Irrelevant Clauses
8. Scope of an Invalid Prenuptial Agreement
You should not see a marriage contract as a guaranteed implementation. It can be declared invalid upon receipt of a well-founded objection from one of the partners.
The reasons why a prenuptial agreement can be revoked are:
Unfair or irrational financial provisions Dishonesty in making a full financial disclosure Signing the prenup under pressure or in an unstable mental state
So keep this in mind before agreeing to sign a prenuptial agreement. A prenuptial agreement represents spousal support from a financial point of view, not the enforcement of emotional or social customs.
Talk openly with both your potential life partner and the lawyer before you draw up a prenuptial agreement. Raise all possible but reasonable financial aspects so that no one can be mistreated or cheated.
It is also essential to know that the court will never justify or support the irrational clauses of a prenuptial agreement. Instead, the court can void the contract to avoid promoting madness and dishonesty.
Read more lifestyle and relationship articles at ClichéMag.com
Images provided by Flickr, Unsplash, Pexels, Pixabay and Creative Commons
This post 8 Crucial Things to Consider Before Signing a Prenuptial Agreement
was original published at “https://clichemag.com/lifestyle/relationships-lifestyle/8-crucial-things-to-consider-before-signing-a-prenuptial-agreement/”