LONDON – LIVING – Marriage is a major life event that is both exciting and terrifying. It means combining your life with one person and trusting that they will always be by your side.
As you prepare for this change in your life, consider how to protect yourself with a prenuptial agreement in the event that the marriage doesn’t last. Here is what to include in a prenuptial agreement.
Keep Property in Family
If you are responsible for land that’s been in your family for generations, then a prenup can clarify that it is to stay in your possession and that it’s not a joint asset. A business that was started before your marriage should also be in a prenup to protect your ownership of it and its assets.
An art or wine collector could have property worth several thousands of dollars that they gathered prior to their marriage. If you wish to keep your personal property, then you should include it in a prenup. That way your spouse doesn’t get half of it in case of divorce.
Protect Children’s Inheritance
If you’re older and have children from a previous marriage, you can ensure that they will get a share of your estate if something happens to you.
Family law attorneys, like CLW Lawyers, can include a clause that the other spouse gives up the right to certain assets to protect any of your children.
A prenup can make sure you get to keep certain assets from your marriage if your spouse cheats on you.
The conversation about that section in the prenup may be awkward. However, if you don’t have as many assets as your partner, it can help ensure they don’t take chances having a boyfriend or girlfriend on the side.
Receiving Spousal Support
If the plan is to have children at some point in the marriage and one partner decides to put their career on hold, making sure they get spousal support can help keep them solvent after a divorce.
You should consider how much you make now and decide how much you would need to get in the future to continue with your lifestyle.
Gifts from Marriage
When breaking up, many people can be petty and demand all the gifts back that they gave their spouse. If you want to keep gifts you’ve received, you should account for them in the prenuptial agreement. Have your lawyer word that section to include future gifts too.
To keep from paying thousands of dollars in debt from your spouse’s gambling or spending habit, make sure to list the liabilitiesfor which you will be responsible. Also, account for debts incurred during the marriage from which you both benefitted and agree to pay your fair share.
The prenuptial agreement needs to be well thought out and as fair as possible. This way your future spouse won’t feel like you’re only with them for their money. Even though a conversation about these agreements can be difficult, it is important to address, so that you’re both protected.