Everything You Need to Know About Prenuptial Agreements
//Prenuptial Agreements: Everything You Need to Know

Prenuptial Agreements: Everything You Need to Know

By | September 16th, 2015|Property Market Tips And Tricks|0 Comments

Everything You Need to Know About Prenuptial Agreements

Whilst a prenuptial agreement, also known as a prenup, may not be the first thing one thinks of when tying the knot or buying a property, it should certainly not be overlooked.

As unromantic as it may sound, a prenup can protect your assets. Here you can learn everything you need to know about a prenup, including what is and isn’t covered in the agreement.

What is a Prenup?

A prenup is basically smart financial planning. One might associate a prenup with negativity such as separation or divorce, which to a certain extent is true; however, it’s actually a way of planning your future together in the most sensible way possible.

This legally binding contract is an agreement that indicates the respective rights and obligations of both parties prior to marriage, plus it addresses issues such as property and financial rights.

The Benefits of a Prenup

Prenups are put in place to protect each individual’s assets. Some of the benefits of a prenuptial agreement include:

  • Supporting your estate plan and avoiding court involvement to decide property distribution
  • Avoiding extended court proceedings, which result in the time of expensive divorce attorneys
  • Reducing conflicts during a divorce or separation
  • Assigning debt, such as credit cards, school loans, and mortgages, to the appropriate spouse to avoid both spouses sharing debt liability

What Does a Prenup Cover?

Whilst no two prenups are the same, there are various factors that are usually covered in the agreement. A prenuptial agreement tends to deal with the following:

  • Division of property in the event of separation or divorce
  • Determination of what is community property and what is separate property
  • Home ownership
  • Responsibility for premarital debts
  • Distribution of property after death
  • Maintenance obligations
  • Financial responsibilities during the marriage

 

What Isn’t Covered in a Prenup?

So, whilst a prenup can cover a range of matters, there are still a number of issues that cannot legally be included within them, such as:

  • Custody of children
  • Child support and visitation
  • Illegal terms
  • Unfair terms
  • Verbal agreements

 

What Isn’t Covered in a Prenup?

A prenuptial agreement is typically enforced if it meets the following requirements:

  • Clearly specifies the rights and responsibilities of each party
  • Is in writing and is signed by both parties before marriage
  • Is not considered unconscionable (too one-sided)
  • Does not violate one party’s entire marital rights
  • Is considered fair and does not render either party destitute

With all this information on prenuptial agreements, you can move forward confidently. If you’re looking to sell your property due to a marriage breakdown Mark King can help. He’ll buy your house in any condition, for a fixed price, fast and with no fuss, that’s one thing less to worry about.

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