Last week we discussed some of the benefits of prenuptial agreements for couples who are planning to get married. While no pair wants to think about that possibility that their marriage may not work out, it is important to give some thought to how your financial situation would be affected should that happen.
A strong prenuptial agreement can protect both you and the person you love in case something goes awry in your marriage. Think of it as a wedding gift to your future spouse, a way of showing him or her that you care about them no matter what happens.
Last week we talked about the importance of adhering to basic contract law principles in your prenup. There are several other factors that can make or break a prenuptial agreement and they should be given special attention.
For example, you may be unable try to build in any provisions about alimony payments or try to waive them in a prenuptial agreement. Each state has its own laws about these determinations so consider speaking with an attorney in your state.
Similarly, child support and custody determinations may not be made in a prenuptial agreement. Support amounts and custody arrangements are usually determined by a court in the event of a divorce and judges consider a number of factors to determine what is best for the child(ren).
Several courts have thrown out prenuptial agreements that require one partner to fulfill chore or sex obligations. Such chore requirements rarely hold up if your agreement ends up before a judge.
If you are planning to get married, it may be wise to meet with an experienced family law attorney who can help you draft a sound prenuptial agreement. Contract law is complicated and it is beneficial to have someone well-versed in such agreements look it over and advise you of any benefits or pitfalls you may not have considered.
Source: Law and Daily Life, “7 Common Prenup Mistakes to Avoid,” Andrew Lu, Feb. 13, 2013