When couples get married, there is often more of a focus on planning the wedding, honeymoon and a life together than on logistical factors. Prenuptial agreements are a good thing for many couples to have, but many do not want to discuss it.
There are various reasons to have a prenuptial agreement, and it can protect individual assets as well as prevent one spouse from being responsible for the other’s debts in the event of divorce. People who have a prenup agreement must understand what is necessary for an agreement to be valid and what they can include.
Reasons to have a prenuptial agreement
Some people think that prenuptial agreements are only for those with a lot of money. However, U.S. News and World Report discusses that other reasons are if one spouse is entering the marriage with significant debts, there is a former marriage or children from a past relationship and if one spouse owns a business.
Because it outlines specific information regarding financial aspects and other provisions, having a prenup can help couples save time and money in the event there is a divorce.
Requirements for validity
FindLaw discusses that California has certain requirements in order for the agreement to be valid. Each partner must disclose all financial information to the other, each partner must sign it, they must have at least seven days to review the agreement before signing it and they each must have their own attorney for representation.
What to include
Couples can include many different things in the agreement, but there are some common terms:
- Protections against the other’s debts
- Property distribution directions
- Protections for family property or business
- Provisions for children from former relationships
- Management of joint bank accounts
A prenuptial agreement cannot include child custody or support decisions, an alimony rights waiver, financial incentives for divorce or anything illegal.