Prenuptial or Postnuptial Agreements: What should be included?

Prenuptial or Postnuptial Agreements

In order to best protect your union, there are certain key issues that should be included a Prenuptial or Postnuptial Agreement.

A Prenuptial Agreement should define:

  1.   List all assets, liabilities, income, and expectations of gifts and inheritances.
  2.   Describe how premarital debts will be paid.
  3.   Resolve what happens to your premarital property in reference to appreciation, gains, income, rentals, dividends and proceeds of such property- in the event of death or divorce.
  4.   Decide who, or if both of you, will own the marital residence and secondary homes in the event of death or divorce.
  5.   Specify the status of gifts, inheritances, and trusts either spouse receives or benefits from, whether before or after marriage.
  6.   Clarify what will happen to each type of property, whether jointly or individually owned, such as real estate, artwork and jewelry.
  7.   Figure out alimony, maintenance, or spousal support, or provide for a waiver or property settlement instead of support (to the extent allowable by law).
  8.   Detail death benefits, stating what you will provide for in your will.
  9.   Determine whether life insurance protection is needed.

A postnuptial agreement is very similar to a prenuptial agreement except that it’s signed by the parties after marriage. These agreements can sometimes be used to work out issues that may be causing problems in a marriage and help the couple avoid divorce.

A Postnuptial Agreement should define:

1.       All of the marital assets and debts
2.      Income of both parties, future gifts, inheritances expected
3.      A plan debts payment should be outlined in the event of a divorce
4.      Alimony
5.      Property distribution in the event of death or divorce

These agreements are important and it’s critical that they be drafted by an experienced professional.  For further information on prenuptial or postnuptial agreements, click here.

Family Law, Postnuptial Agreements, Prenuptial Agreements , ,

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