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Considering the divorce rates in the United States, some experts advise couples planning on tying the knot to implement a prenuptial agreement. In the past, only the wealthy would consider prenuptial agreements, but more couples are considering the contracts, especially if they own a business, have been married before or have a blended family.
A prenuptial agreement is a written contract signed by two people before getting married, which is generally used to protect separate property, support an estate plan, define what is considered marital property, clarify special arrangements and establish procedures and ground rules for deciding any future events. These terms are laid out with the purpose of reducing conflicts and saving money should divorce occur.
Prenuptial agreements typically lays out exactly what each spouse brought to the marriage. Individual assets and liabilities are detailed, and the agreement can clarify how any assets and liabilities acquired during the marriage will be disposed after a separation, divorce or death. By having a prenuptial agreement, couples can help ensure, should divorce become a reality, that things are organized for an orderly break.
Even with a prenuptial agreement, however, things can still be left for dispute in a divorce. To best avoid challenges by an unhappy spouse or having an agreement struck down in court, couples should try to include certain measures in their prenuptial agreement, including making a full disclosure, having a fair agreement and putting everything in writing. Couples should also include clauses and specific and circumstantial information.
Lastly, before the prenuptial agreement is made final, couples should hire a lawyer to review the agreement. Separate counsel can make sure both parties have his or her interests protected.