A prenuptial agreement is a private agreement between a couple planning to marry. Typically this agreement will outline a variety of factors in the event of divorce or death of a spouse.Imagine the situation, you have met the love of your life after already being married previously. You have 2 children from your previous marriage and want to protect their future without upsetting your new partner. Arranging a prenuptial agreement would be the best way to achieve this.
This agreement should be drawn up by an attorney and each partner should have separate legal advice. This will avoid either partner misunderstanding the purpose of the agreement. It is vital not to omit any assets on the agreement as this could render it invalid. The most common reason to have a prenuptial agreement drawn up is to protect assets or inheritance that is due to be passed down to the child / children from your previous relationship.
A prenuptial agreement is not designed to only benefit the partner who has the most assets. It can also be to protect important items such as heirlooms, furniture, etc. Just because an item may have no value to anyone else does not mean it isn’t of vital important to you.
Arranging this agreement can be a difficult subject to broach with your partner. Having this agreement does not in any mean your mistrust them but just want to ensure that you are both protected. If a couple has minimal assets when entering into a marriage they may decide to not get a prenuptial agreement drawn up. But as we all know life changes in an instant and because of this married couples are able to arrange a post nuptial agreement to protect their new assets. It is important to check that post nuptial agreements are valid legal documents in your state to ensure they are legally binding.
Communication is key here. Be open and honest with your partner before even contacting an attorney. Trust is a vital component in all relationships and it is important to not use the prenuptial agreement as weapon of mistrust. This agreement should only be used to protect both parties and not greatly benefit one.