While there are strong negative connotations associated with the use of prenuptial agreements, they are useful for everyone involved when implemented effectively. If you are signing a prenup you should use it to the best of your ability and include as much information as possible. There are some things you may want to consider including and some you may choose to leave out. In general, your prenup should cover assets, finances, and miscellaneous line items that may be important to you and your spouse. Work with an Oakland County prenuptial agreement lawyer to ensure your rights are protected while creating your prenup.

What is a Prenup?

A prenup, or prenuptial agreement, is a contract between two people who are getting married. It is designed to protect each individual’s finances and assets if the marriage were to end in a divorce. It allows them to establish the terms of their marriage and state clearly who owns what in the relationship. While the practice is heavily criticized, prenups can benefit both parties involved and protect them from financial ruin and both physical and emotional loss. Once you and your partner decide that you want to sign a prenuptial agreement before your vows, you have to decide what to include.

What Should I Cover in My Prenup?

Every relationship is different, so every prenuptial agreement will be unique to fit the needs of the couple. While you can customize the contract to suit your needs, some general guidelines should be followed when determining what to cover in your prenup. Reference the following when considering what you want to include.

  • Assets: Outline what assets are premarital versus marital. Premarital assets are either yours or your spouse’s alone and are to be kept separate. Marital assets are probably any assets acquired during the marriage and can be subject to division if the marriage ends in divorce.
  • Debts: You can also protect yourself by confirming in the prenup that your debts are not your spouse’s debts and vice versa. If you do not include this stipulation and your partner accumulates extensive debts, your marital assets could be targeted as a way to pay back that debt.
  • Alimony: You can establish which spouse, if either, will pay alimony or spousal support to the other if you divorce. You can include an amount or make it a percentage of your spouse’s income. The details can be customized but it is an important subject to include.
  • Children from a previous marriage: One or both of you may have children from previous marriages and you will want to protect them as well. You can include a stipulation that ensures your children’s rights are protected and they will be able to inherit certain monetary or property assets.
  • Division of assets: You should include an explanation of which spouse is entitled to certain assets. This can include family homes, vacation property, cars, jewelry, artwork, and more.