Picking up from where we left off in What Can and Cannot Be In Prenups (Pt. 1), below, we will continue pointing out some of the matters that can be included in the terms of valid prenups.
More Matters that Can Be Included in the Terms of Prenups…
In addition to defining marital property and potentially protecting one spouse from being obligated for certain debts, prenups can also be used to:
- Ensure that children from past relationships are financially protected – In fact, prenups can specifically set aside specific assets for children from previous relationships, ensuring they have some financial support in the event a marriage ends.
- Protect family property and preserve an existing estate plan – Whether you have family heirlooms, precious property or other items that have been passed down through the generations, these items can be protected in prenups, which can specifically state that such assets will not be part of the marital property.Similarly, if you already have a will or other estate planning tools in place, prenups can be used to support or complement these documents by reaffirming certain terms (like, for instance, the fact that a marital home will not go to one spouse in a divorce because it is a family heirloom that is being reserved for a couple’s children).
- Specify marital roles and responsibilities – Some of the additional factors and aspects for which prenups can include terms include the specific financial obligations or duties that either or both spouses will have during a marriage. To this end, prenups can involve terms pertaining to:
- Putting one spouse through school
- Both spouse’s obligations to contribute to savings accounts, retirement accounts or other investments
- Tax obligations and responsibilities
- Managing household bills, joint bank accounts and/or insurance policies
- How disagreements over any of these financial terms of the prenup will be resolved if or when they arise in the future (for example, prenups may state that such disputes must be resolved in mediation or arbitration).
We will wrap up this discussion regarding prenups in the upcoming conclusion to this blog series. Be sure to check it out!
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