What is a prenuptial? The term “prenuptial” literally means prior to marriage and refers to a prenuptial agreement. As we all know, marriage is a contractual obligation; so, it is no surprise that many couples wish to enter into a prenuptial agreement prior to marriage. A prenuptial marriage agreement comes into play if the married couple decides to part ways for whatever reason. The rationale behind most couples deciding to enter into a prenuptial agreement is to protect their assets and to ensure financial security.
A typical prenuptial agreement may contain several contingent situations. If the married couple foresees divorce in the future, they may include clauses on property partition, alimony, inheritance, and the like. For example, if one breaches the marriage contract by committing adultery, there may be a clause that entitles the other to take control of the entire property. This is one of the famous clauses included in the prenuptial marriage agreement in recent times.
Prenuptial marriage agreements should essentially cover:
- Movable and immovable properties
- Stocks, mutual funds, bonds, etc.
- Shares in business run by either of the couple
- Inherited property
- Insurance policies
A prenuptial form is now available online if you do not wish to hire an attorney. However, it is strongly recommended that you check with an experienced attorney about the pros and cons of a prenuptial marriage agreement. Experts also advise that the prospective bride and groom use separate attorneys just to be sure that they have not missed something that is vital. It is also better to check out various prenuptial sample agreements.
When is the right time to bring up the prenuptial agreement issue? Would your partner consider it rude on your part to discuss it on the verge of a wedding? Isn’t it the most unromantic thing to do prior to a marriage? You may be asking yourself these questions, but it may be in the best interest of not only you but also your partner and the new family that you are going to start. These are some of the questions that a couple needs to answer truthfully before entering into a prenuptial agreement.
Do not wait until the last moment, that is, until the marriage arrangements are made, to discuss the prenuptial agreement. Prenuptial marriage agreements may be unromantic, but they are certainly the best way to protect one’s assets and financial stability.
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