Prenuptial agreements have become increasingly popular in recent years, and for good reason. These legal documents can help protect both parties in a marriage, ensuring that assets and liabilities are distributed fairly in the event of a divorce.
As a seasoned psychologically trained family law attorney/mediator, I have guided thousands of women in particular, and developed creative prenuptial agreements as an important tool for securing their financial stability and protecting their interests.
Here are my top 10 tips for what women should ask for in a prenuptial agreement:
1. Disclosure of Assets and Debts
One of the most important elements of any prenup is full disclosure of assets and debts. This means that both parties must be completely transparent about their finances, including bank accounts, investments, real estate, and any outstanding debts. Women should make sure that their future spouse is willing to provide this information and that they have a complete understanding of their partner’s financial situation.
2. Separate Property
Separate property refers to any assets that were owned by either party before the marriage, or that are going to be inherited or gifted during the marriage. Women should make sure that their prenup includes provisions to protect their separate property, so that they can keep these assets in the event of a divorce.
3. Alimony and Spousal Support
Alimony, also known as spousal support, is a payment made from one spouse to the other after a divorce. Women should consider whether they want to include provisions for alimony in their prenup, and if so, what the terms of the payment should be. For example, the prenup might specify the duration of the payment, the amount of the payment, and under what circumstances the payment might be modified or terminated. Sometimes one spouse stays at home to care for a child and is out of the job market. This needs to be considered.
4. Division of Marital Property
Marital property refers to any assets that were acquired during the marriage, including real estate, investments, and income. Women should make sure that their prenup includes provisions for the division of marital property in the event of a divorce. This might include a specific percentage of the assets that each party is entitled to, or other arrangements that are fair and equitable.
5. Retirement Accounts
Retirement accounts, such as 401(k)s and IRAs, can be some of the most valuable assets that a couple owns. Women should make sure that their prenup includes provisions to protect these accounts, such as specifying how they will be divided in the event of a divorce.
6. Protection of Business Interests
If a woman owns a business, she should make sure that her prenup includes provisions to protect her business interests. This might include specifying how the business will be valued in the event of a divorce, and how the value of the business will be divided between the parties.
7. Inheritance
If a woman expects to receive an inheritance in the future, she should make sure that her prenup includes provisions to protect this asset. This might include specifying that the inheritance will remain separate property and will not be subject to division in the event of a divorce. Any inheritance should not be put into a joint account.
8. Limitation of Debt Liability
Women should make sure that their prenup includes provisions to limit their liability for any debts incurred by their spouse. This might include specifying that each party will be responsible for their own debts, or limiting the amount of debt for which each party is liable.
9. Child Custody and Support
If the couple has children, the prenup could include provisions for child custody and support in the event of a divorce. However, courts do not always uphold provisions in prenups because of public policy. Women should make sure that these provisions are fair and in the best interests of the children.
10. Cheating Clauses
Prenups can contain provisions referred to as cheating clauses which can entitle one spouse to financial gain in the event a partner commits infidelity.
11. Estate Rights
Can be affected by a prenuptial agreement.
SO… Are you getting ready to walk down the aisle this spring or summer? Thinking about what should be included in your prenuptial agreement? Let’s discuss what you would like included in your prenuptial agreement. I can craft a comprehensive agreement to address all your needs.
If you have any questions about a prenuptial agreement please call me to schedule your free consultation at 212.734.1551.
I look forward to helping you prepare carefully and thoughtfully for your future!
Warm wedding wishes,
Lois
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