Many couples consider prenuptial agreements prior to marriage. Prenuptial agreements can protect each person by defining how assets will be divided should the marriage end.
While these agreements are valuable and necessary for many couples, they do not include provisions for all circumstances. There are some stipulations that do not belong in a prenuptial agreement. Here are three things you’ll have to leave out when developing your prenuptial agreement.
While it may seem like a prenuptial agreement will help address all the unknowns of an impending marriage, this is not the case for non-financial requirements. These agreements cannot be used to encourage spouses to maintain certain occupations, bank account balances, or physical standards. Your prenuptial agreement will provide clear directives regarding your assets in the case of divorce, but it won’t affect other non-financial aspects of your ongoing marriage relationship.
2) Custody Agreements for Future Children
Should your marriage end in divorce after you have children together, you’ll make a custody agreement at that time. The information necessary to make choices for future children does not exist when the marriage is just beginning. Because of this, a prenuptial agreement is not the correct agreement to use to make custody choices.
3) Unfair Terms
Unfair terms are generally determined to favor one party over the other. The goal of a prenuptial agreement is to ensure a fair distribution of assets after a marriage ends. It shouldn’t be used to dictate an unfair distribution. There are many aspects that contribute to the determination of fair terms, so you’ll need to have independent meetings with a reputable attorney in order to decide what these are in your relationship.
Have you and your significant other decided to pursue a prenuptial agreement? Do you have other questions about getting started or managing the details? The attorneys at Wagstaff Law Office are available to answer your questions and help you begin. Contact us online or call us at (727) 584-8182.