Prenups get a bad rap, but they can actually be quite useful for many couples. If you are thinking about signing a prenuptial agreement, it’s important to know what kinds of things can be included. Some matters can’t be handled by a prenup, so you should talk to a Peoria County prenuptial agreement lawyer before you try to draw up any kind of contract.
What Can You Put in a Prenuptial Agreement?
A prenup should address all of the most important financial matters that could affect your marriage or divorce negotiations. You should mention:
- How property will be divided
- How inheritances are handled
- What state law governs your divorce, if you have multiple residences
- Spousal support agreements
- What happens to a small business owned by one or both spouses
- How household bills and joint bank accounts are handled
- Property interests of children from past relationships
These days it’s also common for prenuptial agreements to address pet custody issues, since pets are often seen as property in court. Child custody and visitation, along with any other issues relating to them, cannot be part of a prenup though.
What Are Some Benefits of a Prenuptial Agreement?
When you sign a prenuptial agreement, you are reducing how much fighting you’ll do over financial matters later. No one wants to think about a relationship ending, but it’s still smart to be prepared for it. When you sign a prenup, you can ensure that a divorce, if it happens, will be far less contentious.
A prenuptial agreement can also help people who have a lot of family money to protect. If you are the heir to a large fortune, it makes sense to protect yourself.
Prenups can also protect someone from being responsible for their ex’s debt. In many divorces, debt gets split up just like property and assets do. If someone came into the marriage with a large debt, a prenup can ensure that this debt stays with them and that their former partner does not have to worry about being saddled with such a liability.
How Can an Agreement Be Voided?
A prenuptial agreement can be voided in a few situations. If you want your prenup to stand up to scrutiny, make sure that:
- It doesn’t contain provisions it shouldn’t, like agreements about child custody
- Everyone is honest about their assets and wealth
- The agreement was signed long before the wedding
- No provisions are seen as unfair to one partner
- It can be argued that the prenup was signed under duress
Do I Need a Lawyer?
We recommend having a lawyer when you decide to draft an important agreement like this. We can make sure that your prenuptial agreement is valid and that nothing important is left out.
Contact Our Law Firm
If you have more questions about prenuptial agreements, contact Butler, Giraudo & Meister, P.C. Our law firm can help you write a legally binding agreement that doesn’t leave out any important elements. Schedule your consultation today.
