Having a prenuptial agreement is common when there are significant separate assets, one spouse is a business owner or if one or both partners entering the marriage were in previous marriages. A prenup also prevents complications in the event of a divorce and forces the couple to discuss finances.
It helps to know what a prenuptial agreement generally includes. When creating one, it is also important to ensure a judge will enforce the contract if the marriage ends in divorce.
What to include in the agreement
FindLaw discusses many of the common elements of a prenup agreement. One is to outline what is separate property to prevent the other spouse from getting it. You can also protect family assets. One way to limit debt liability is to keep the debt of each spouse separate from marital debt.
A common element in this contract is deciding how to distribute property in the event of divorce. If there are children from previous relationships, a prenuptial agreement ensures that some of your inheritance goes to them. A prenup can also outline the responsibilities of each spouse when it comes to management of expenses and financial accounts, retirement benefits, savings contributions and credit card spending management.
Make sure it is enforceable
The Connecticut Judicial Branch Law Libraries states that the prenuptial agreement must satisfy three things for it to be enforceable:
- Both parties had the time to thoroughly read the agreement and sign it on their own accord
- The contract does not contain anything illegal
- The agreement is fair and equitable for both parties
A prenup may also not contain provisions related to child custody or support.