Although prenuptial agreements are often considered taboo by many couples in Morris County, having a premarital agreement in place can make things much easier when a couple decides to end their marriage. However, there are some basic things to keep in mind if one is thinking about getting a prenuptial agreement, including what can and cannot be included in such an agreement.
According to Findlaw, the main purpose of prenuptial agreements is to help distinguish between what is separate property and what is marital property. Prenuptial agreements can help protect individuals from their spouse’s debts. One can also use a premarital agreement to provide for his or her children from a previous relationship.
Protecting one’s estate plan, as well as keeping important family possessions, including a family business or heirloom can also be taken care of in a prenuptial agreement. There are some things that can’t be included in prenuptial agreements, including any decisions concerning child custody and child support. Giving up one’s right to alimony typically cannot be included either.
So how common are prenuptial agreements? Even though many of the world’s rich and famous are known to have prenuptial agreements, these arrangements aren’t just for the wealthy. According to an article in the Huffington Post, the American Academy of Matrimonial Lawyers reports that 63 percent of divorce attorneys have reported an increase in the number of prenuptial agreements over the last three years. Forty-six percent of them also reported that the number of women who have requested premarital agreements has risen.
Meantime, according to these same lawyers, the most common aspects touched upon in prenuptial agreements in the last three years are:
- Separate property protection
- Spousal support or alimony
- Property division
Although prenuptial agreements aren’t for everyone, they can benefit many couples. Therefore, knowing the basics of how they work is a good idea if a person is considering a prenuptial agreement.