Here's what you'll find in the Prenuptial Agreement Template:
- A contract template for couples to protect their assets when entering a marriage
- A helpful resource to help you draft and customize a prenuptial agreement
- The pros and cons of a prenuptial agreement
Prenuptial Agreement Template
A prenuptial agreement, or “prenup,” is written legal document entered into before the couple gets married. A prenuptial agreement spells out each party’s property and financial rights should the parties separate or in the event of a divorce. Couples enter into prenups to protect their assets and future.
What is in the Prenuptial Agreement Template
A helpful resource to help you draft and customize a prenuptial agreement.
The pros and cons of a prenuptial agreement
Other names for a prenuptial (“prenup”) agreement include premarital agreement, antenuptial agreement, domestic agreement, and marriage contract.
What is the Purpose of a Prenup?
A prenuptial agreement’s goal is to protect certain property and finical rights of the couple. This is triggered by the dissolution of a marriage. Prenuptial agreements are a protective mechanism and tackle a “better safe than sorry” approach. A prenuptial agreement typical covers the following:
- Marital Property and Non-Marital Property
- Spousal Support and Alimony
- Retirement and Savings Accounts
- Business Ownership
- Children from a Prior Relationship
- A prenup also dives into a couple’s other assets and how they are to be divided or protected upon separation or divorce.
What are the Advantages and Disadvantages of Prenuptial Agreements?
Entering into a prenuptial agreement is a considerable decision. Both parties should discuss their intentions and be completely transparent about their assets and liabilities. Prenuptial agreements can be complicated for couples to wrap their head around. It is hard to imagine divorce before you’re even married. However, there are some advantages to having a prenuptial agreement. A prenuptial agreement can protect a spouse’s assets and property.
On the other hand, there are some disadvantages to prenuptial agreements, especially if a party is unwilling to agree or sign the agreement. If a party does not believe the agreement is fair, they may not be inclined to sign it. Also, if neither spouse has many assets or savings, a prenuptial agreement may not be practical.
Common Mistakes in Prenuptial Agreements – Keep it Fair!
A prenuptial agreement is a written and legally binding contract, so it is imperative to review every line in the agreement. Both parties to a prenuptial agreement should have an ample opportunity to review the document and seek legal counsel if they wish to do so. A spouse cannot be forced or coerced into signing a prenuptial agreement. If that is the case, the agreement may be considered void.
The goal of any written agreement is enforceability. Prenuptial agreements must meet the following:
- The prenuptial agreement must be in writing.
- The prenuptial agreement must be entered into by each party free of coercion or duress.
- The prenuptial agreement must be reasonable and fair.
- The agreement must be executed in front of a competent witness and notary public.
- When drafting any legal document, it is wise to reach out to an attorney. State laws vary from state to state on prenuptial agreements and their contents. A family law attorney is best suited to answer any questions you may have and assist you while finalizing your prenuptial agreement.
Preview of Contract:
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