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WHAT IS A PRENUPTIAL AGREEMENT?Marriage is an enormous responsibility that is both exciting and worrying. Before entering into a marriage, it is wise to agree with your fiancé(e) how you will handle and divide your assets and debts. A prenuptial agreement is a contract you sign with your fiancé(e) about dividing your assets and debts. It enables frank communication, allays your fears and worries, and prevents future conflicts. Many may think that signing a prenuptial agreement is unromantic and violates the trust that couples should have in one another, and the shared faith that the marriage would last. However, bear in mind that a prenuptial agreement is not only about protecting yourself in the event you are separated or divorced. It can also be about whether you want your debts to be personal or shared, what will happen to property that both of you own before marriage, etc. Rationally, this will avoid a lot of inconvenience and will ensure you have a smooth and blissful marriage.
WHEN SHOULD I USE A PRENUPTIAL AGREEMENT?
- When you have a lot of property and assets
- When you would like to decide how your assets and liabilities would be split with your future spouse in case your marriage breaks down
- When you have children from a previous marriage
- When you have been married before
WHAT DOES A PRENUPTIAL AGREEMENT CONTAIN?A prenuptial agreement usually addresses how current and future property and finances will be dealt with in the event that a marriage ends. This is more important than it seems –for example, you might own a family home that you would like to keep separate from the marriage. You might also want to keep your debts to yourself but share your income. All of this can be written into your prenup. The content of every prenuptial agreement is different and can be unique to your own situation. For example, a prenuptial agreement can provide for issues such as spousal support, guardianship, how assets should be divided in the event of adultery, pending inheritances and the acknowledgement of dependent children. If you have children and spouses from previous marriages, it is important to include their names into the prenup. If you have any children with your fiancé(e) before your wedding date, include their names as well. It is important to remember that a prenuptial agreement only comes into effect after you and your future spouse are legally married.
OTHER NAMES FOR PRENUPTIAL AGREEMENT:Sometimes, a prenuptial agreement is called Prenup, Prenup Agreement, Premarital Agreement, Marital Asset Protection Agreement, Antenuptial Agreement, Separate Spousal Property Agreement or Separate Property Agreement.
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