What Needs To Be Included in a Prenuptial Agreement?
A prenup addresses the financial issues normally present at the dissolution or end of a marriage. Normally, the courts might decide the following issues, but through a prenup in Scarborough, it’s you and your spouse who decides what’s fair to you:
- How property and assets are to be divided, and who has ownership.
- Spousal support obligations.
- The party has the right to direct the education of any children in the marriage, excluding provisions relating to custody or access.
- Any other matters that would need addressing relating to finances, property, and assets.
Some other areas that a prenup lawyer will often encourage spouses to think about are all premarital assets and debts, children from previous marriages, marital responsibilities, property that may be bequeathed down to a spouse through family, and similar matters.
Every prenuptial agreement is a little different. There is not a one-size-fits-all. A prenup, directed by a lawyer, is personalized to the unique circumstances of the marrying couple and their wishes in the event of a separation or divorce.
What Should Not Be Included in a Prenuptial Agreement?
There are certain restrictions and limitations on the scope of a prenup. Again, a prenuptial agreement lawyer in Scarborough can aid you in navigating these.
Couples who try to write their own prenup often make the mistake of including things they legally cannot. Certain provisions can be disregarded if they are not in the best interests of a child with regard to their education, i.e. something’s illegal, or if there are provisions that are not perceived as fair or conscionable.
Furthermore, the courts can rule a prenuptial agreement invalid if deceit is provable. If either party has not fully disclosed information concerning income, assets, and financial obligations, this could invalidate a prenup agreement in certain cases. Once again, relying on a prenuptial agreement lawyer can ease the stress of not knowing what to put in a prenup and/or what not to put in.
Do You Need a Lawyer For a Prenuptial Agreement?
A prenup is not just for wealthy couples. Couples from many backgrounds can benefit from using a lawyer for a prenuptial agreement. With a lawyer, you have the benefit of someone experienced with these contracts. They can highlight the sort of issues you will want to be decided in yours, in addition to ensuring what you put in is legally binding and unlikely to be struck down by the courts. If you have prior marriages, children from prior relationships, are expecting a substantial inheritance, or have assets or property you would want to retain in a divorce, speak with a lawyer today to get started on your prenuptial agreement.