No engaged couple wants to think about the possibility that their relationship will end in divorce. But, it’s important for couples to plan for this very real possibility by drafting a prenuptial agreement. Prenuptial agreements are contracts signed by both spouses that outline what will happen in the event of a divorce. Here’s a look at some of the terms included in a prenuptial agreement:
Division of Assets
Every prenuptial agreement should include an explanation of how assets will be divided between the two spouses in the event of a divorce. Deciding who gets what in advance will make the divorce process much easier. This also allows each party to protect certain assets that are important to them, such as family heirlooms or valuable collections.
Division of Debt
Marital debt, which is debt accumulated during the course of the marriage, can be divided between both parties during a divorce. This is true regardless of which party accrued the debt in the first place. Because of this, it is common for couples to outline how marital debt will be divided in a prenuptial agreement. This ensures that one party will not be left with a significant amount of debt that they did not accrue.
Some couples also choose to include terms related to alimony payments in their prenuptial agreement. For example, let’s say one spouse is planning on giving up her career in order to take care of the household and children during the marriage. Since she will be financially dependent on her spouse, she may want to ensure she receives alimony if the marriage ends. The alimony terms in the prenuptial agreement can outline the amount that will be paid and how long the payments will be made.
Couples can also include a gag order within their prenuptial agreement. A gag order basically prevents both spouses from talking to other people about the details of the divorce. For example, a gag order would prohibit both parties from telling others about the couple’s custody or child support arrangement. This may seem unnecessary, but it can prevent angry spouses from spreading nasty rumors about you that could impact your personal and professional life.
Are you interested in a prenuptial agreement? If so, Williams Law Group, LLC can help. Let our team of skilled attorneys draft an agreement that will protect your finances and your future. Call our office at (908) 738-8404, email us at firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation.