Prenuptial agreement is a legal document created to protect assets of a married couple, should their marriage end up in a divorce. Here is a simple format of a ‘prenup’ agreement.
Feeling premarital jitters? One of the main reason behind this, is a lurking fear of losing money and sharing assets with your ex-spouse if the marriage doesn’t last. In fact, it could be the last nail in the coffin for you if you do have a marital breakdown. Prenuptial agreements are meant to solve that issue. It is a legal contract to be signed by a couple before taking marital vows. Here is a basic format to help you understand how they should look and what they must include.
(legal name), hereinafter referred to as Prospective Husband, and (legal name), hereinafter referred to as Prospective Wife, hereby agree on this (date) day of (month), in the year (specify year), as follows:
I have read the above agreement and taken time to consider its implications. I fully understand its contents, agree to its terms, and I voluntarily submit to its execution.
Points to Remember
- A prenup agreement is a premarital contract, which chiefly includes provisions for spousal support and division of property in case of a divorce. It falls under the umbrella of US family law.
- A prenup should always be in writing and made in a conscious state of mind.
- The conditions stated within the contract, need to be voluntarily executed. Moreover, there has to be a transparent disclosure at the time of its execution.
- It has to be executed by both parties to the contract, and not their legal representatives.
- The agreement needs to be recorded as an acknowledgment before a public notary.
- Prenup contracts are signed by people who have children/grandchildren from previous marriages. This ensures that a major chunk of their property goes to their children/grandchildren and not the spouse.
This was just a generic format of prenuptial agreement explaining some crucial points that need to be included. A prenup may in fact be tailor-made to suit a couple’s requirements. Seeking legal advice is the best bet, if you wish to create your very own agreement. This will help you in avoiding legal loopholes.