Property division will be a major issue in any divorce, but especially one that involves a significant number of assets — or assets of tremendous value. Given the importance of this issue during divorce, it is important for newlyweds or people who are considering walking down the aisle with their significant other to think about a prenuptial agreement and what this contract can offer them.
Prenuptial agreements are no longer the taboo topic they once were. Prenups, instead, offer valuable legal protections to those involved in the contract, protecting things such as family businesses, high-value assets, and other possessions and issues that will be integral to property division should a divorce arise.
More specifically, a prenup can delve into these issues:
- Which pieces of property are deemed “marital” and “separate”
- The debts of each spouse, thus protecting a spouse from his or her significant other’s debts
- Providing financial support for children from a previous relationship
- Covering family businesses and estate plans in case of a divorce
- Defining the parameters of property division during divorce
- The responsibilities each spouse will have
For as much as a prenup can do for you and your spouse during divorce though, there are some issues the document can’t discuss, such as:
- Anything having to do with child custody, child support, or your right to alimony
- Anything illegal or that would encourage a divorce
- Any rules or provisions that are personal in nature as opposed to financial
Source: FindLaw, “What Can and Cannot be Included in Prenuptial Agreements,” Accessed Jan. 25, 2018