Common Prenup Provisions that Make the Most Sense
For most, prenuptial agreements are uncharted territory. While they’ve been around for generations, most people have felt they are just for the wealthy or even famous. Today, prenups or a postnup agreement have become much more common as many are realizing they are a practical step in creating a relationship. Most, however, are still unfamiliar with the process. Other than what they’ve read or heard in the tabloids, many are unaware of the protections and provisions a prenup agreement can provide.
Here is a look at some of the more common provisions couples may include in a prenup.
Handling Debts and Liabilities
Prenups tend to focus on assets, but clauses in a prenup that deal with debts and liabilities can be important as well. This is particularly important if one person is less financially responsible than the other. Debts accrued prior to and after marriage should be addressed.
How Income Earned During Marriage Will Be Handled
More and more couples are comfortable earning their own incomes and paying their own bills in a marriage. How separate income is defined and treated after a marriage is an important provision to address.
Waiver of Alimony
Alimony discussions in crafting a prenup can be impacted by income, ego, and whether one spouse or the other has made career sacrifices for the other in the marriage. This is important to discuss and should be determined with an overall sense of fairness.
How Inheritances are Handled
Inheritances received prior to or even following a marriage can significantly impact a person’s or a couple’s, net worth. Inheritances and anticipated inheritances should be a critical part of any prenuptial agreement.
If one partner has inherited a property or purchased a property prior to getting married that should be included in a prenup. This is becoming more common.
401ks and Retirement Programs
As couples marry later in life, there may already be sizable retirement and 401 (k) accounts in play. It is common for prenups to provide for how these will be divided should a divorce occur.
It probably shouldn’t be surprising, but pets can be a stumbling block in a divorce. This is why determining the fate of family pets is so common in prenuptial agreements.
Prenuptial agreements can have plenty of common denominators. They also should be crafted to be unique for each situation. If you are getting married, be smart and practical. Contact us to discuss the benefits of a prenuptial agreement. We are Tampa, Florida’s prenup and postnuptial agreement experts, ready to assist you.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at firstname.lastname@example.org.
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.