Although prenuptial agreements tend to spark debate, they need not be contentious. When executed effectively, they shield both parties and keep divorce proceedings to a minimum of drama. They are a precaution against the extremely unlikely happening and not an indicator that one partner does not have faith in the future of the marriage. To learn more, click here.
Money Paid to a Husband or Wife
Your prenuptial agreement can and should address spousal support. When there is a large gap in salary, this becomes especially crucial. After a divorce, the lower-earning spouse would still have basic needs to be met. It’s best if everyone is on the same page regarding this sum, thus it’s good to discuss it in advance.
The agreement may specify the amount of spousal support to be provided, the frequency of payments, and the availability of a lump sum in place of regular payments. The length of a marriage can be used to determine alimony payments and the length of time they are paid.
In some cases, one or both partners may need to maintain their distinct financial status during a marriage. Things like businesses and properties can be passed down as inheritances. However, if the assets were used to benefit both parties, they are more likely to be recognised as marital property. Instead of leaving the division of your assets up to the courts, you can decide how you want them to be divided now.
Compensation for Unequal Debt
When a marriage ends in divorce, there is almost always some debt that must be divided. The division of huge funds or the assumption of certain debts is common topics in prenuptial agreements. A prenuptial agreement might ease the mind of the partner who does not carry any debt into a marriage in which one partner does.
Clause of Term Expiration
A prenuptial agreement does not guarantee a happy marriage, as previously mentioned. Thus, prenuptial agreements are not uncommon to include a sunset clause. If the marriage lasts longer than the specified period, the other prenuptial agreement provisions become null and void. Because of this, a prenuptial agreement can be crafted in which the interests of both parties are met.
Denial: Child Support
Assumptions about the viability of including child support provisions in a prenuptial agreement are widespread. However, paying child support is not a parent’s legal entitlement. A youngster has a right to this.