When you’re getting married, you’re automatically making plans for the future. While you may not really imagine a life without your partner, you know that divorce is always a possibility. Prenuptial agreements have helped a lot of couples deal with their anxieties over a potential future divorce – but you need to make sure that you fully understand how they work.
Here are two things you need to know before signing those dotted lines:
Honesty is essential when crafting a prenup
The primary purpose of the prenuptial agreement is to separate marital property from personal property in the event that the marriage collapses. For the prenup to fulfill this purpose, you must be forthright when disclosing your assets and debts.
While some appreciate the idea of a prenup, they tend to feel scared or embarrassed disclosing their assets or debts. Others fear that disclosure could risk their assets. Honest disclosure of what you own, and owe, will actually protect your assets, your future spouse and yourself.
There are limitations to what a prenup can do
Contrary to opinion, a prenup agreement cannot have anything. To be valid, the prenup should only include provisions that pertain to property, debt allocation, inheritance and spousal support. You cannot include frivolous provisions like the division of domestic chores or non-financial issues like the custody of any children.
Everyone has a right to protect their property when entering a marriage. A valid prenup can help you protect your future in any situation.