A prenuptial agreement or a prenup is a document that many couples choose to sign before they enter the holy union of matrimony. These agreements generally tend to be signed to protect the rights of both partners, especially if one of them has substantial financial assets. These agreements specify conditions regarding division of property, income, and spousal support and maintenance in the unfortunate circumstance of a divorce. It is important to learn about such an agreement and its format just to understand how such a document should be drafted. You will need to consult a lawyer in order to draft the actual document.
What You Should Know
A document that generally revolves around the division of property, the assets owned, inheritance, spousal maintenance, etc, the prenup also talks about the custody of children, matrimonial house ownership, and the right to sell or rent matrimonial house. If you and your partner have decided to sign this agreement, then keep the following tips in mind.
- First and foremost it is important that you and your partner have a long discussion about the same. Ensure that both of you are comfortable with the idea. Decide how you want to go about the entire process and ensure that neither one of you feels like the losing side.
- It is important to find a good lawyer to draft a foolproof agreement that has no loopholes. The entire process should take about two to three weeks.
- Provide details about all individually-owned assets and liabilities and any future inheritances that you are expected to receive.
- If you expect debts to be accumulated during the course of the marriage, make a decision regarding who will be responsible for the payment of these debts.
- Specifications about who gets the house, division of bank accounts, insurance sums, etc all needs to be included in the agreement.
- Include an agreement regarding alimony and spousal maintenance, and benefits from life insurance in case of death of one spouse.
|(Husband's Name) hereafter known as Husband to be, and (Wife's Name), hereafter known as Wife to be, agree to the following terms and conditions as per this agreement which has been signed on the Date of Month of Year.
Signature of Husband to be: ________________
Signature of Wife to be: ________________
Remember that a prenuptial agreement is in no way to question your relationship but it is a way to protect your individual rights. It is also important that both partners agree to signing such an agreement.