Premarital Agreement for Dummies: A Beginner`s Guide

The idea of a premarital agreement may seem daunting, but it`s important for anyone considering marriage to understand the basics of what it is and how it works. In this article, we will break down the key things you need to know about premarital agreements.

What is a Premarital Agreement?

A premarital agreement, also known as a prenuptial agreement or “prenup,” is a legal document that outlines how a couple`s assets and debts will be divided in the event of a divorce or separation. It can also address other issues such as spousal support, inheritance rights, and even pet custody.

Why Get a Premarital Agreement?

There are many reasons why a couple may want to get a premarital agreement. For example, if one person has significant assets or debt, they may want to protect those assets or ensure that they are not responsible for their partner`s debt. Similarly, if one person has children from a previous relationship, they may want to ensure that their assets are passed down to their children rather than their spouse.

How Does a Premarital Agreement Work?

A premarital agreement is a legally binding contract. Both parties must agree to the terms and sign the document before getting married. It`s important to note that a premarital agreement can`t be used to address issues such as child custody or child support, which must be determined by a court in the event of a divorce.

What Should be Included in a Premarital Agreement?

The specific terms of a premarital agreement will vary depending on the couple`s circumstances. Some common provisions include:

– Asset and debt division: How will the couple`s assets and debts be divided in the event of a divorce? This can be a simple “what`s mine is mine and what`s yours is yours” approach or a more detailed breakdown of specific assets.

– Spousal support: Will either spouse pay spousal support in the event of a divorce? If so, how much and for how long?

– Inheritance: How will inheritance be handled in the event of a divorce or death?

– Other provisions: A premarital agreement can also address a wide range of other issues, such as who gets custody of pets or how disputes will be resolved.

How to Get a Premarital Agreement

If you`re considering a premarital agreement, it`s important to work with an experienced lawyer who can help you draft a document that meets your needs and is legally binding. Both parties should have their own lawyer to ensure that their individual interests are protected.

Conclusion

A premarital agreement may not be the most romantic topic, but it`s an important one for any couple considering marriage. By understanding the basics of what a premarital agreement is and how it works, you can make an informed decision about whether it`s right for you. Remember, every couple`s circumstances are unique, so it`s important to work with a lawyer to draft a premarital agreement that meets your specific needs.