A prenuptial agreement is a type of agreement created when two people are preparing to get married. The purpose of the agreement is to protect individuals from dealing with certain issues in the event of their divorce. For example, when one person earns a much higher amount than the other person, they may feel like it is necessary to have a prenuptial agreement that would protect their finances if they were to get divorced from their spouse. However, this is not the only reason to have such an agreement in place. Giro Law explains some of the items you should make sure to include in your prenuptial agreement.
Both parties may enter a marriage while owning personal property, including separate vehicles, homes, rental properties, and even commercial properties. It is important to include personal property in the prenuptial agreement. One spouse may agree to add the other spouse as a co-owner to some properties while remaining the sole owner of other properties. When a prenuptial agreement is created, both parties can agree to what will be considered marital property and what will not be considered marital property. For more details please contact Prenuptial Attorneys in NJ for Free consultation
Checking and Savings Accounts
Bank account information should always be included in prenuptial agreements. When one person has a large sum of money in a checking account or savings account, that person is going to want to protect that money. While one individual in the relationship may agree to pay a certain amount of spousal support or share the money that comes in during the marriage if a divorce occurs, he or she may want to protect money that was earned before the marriage ever occurred. If so, details about the finances and the checking and savings accounts should be included in the prenuptial agreement.
While most people think about property and finances when it comes to prenuptial agreements, debt is something that should be included in these agreements, too. For example, one person in the marriage may get into debt behind his or her partner’s back. If the partner is unaware of the situation and the couple eventually gets divorced, the other partner may find him or herself responsible for paying off that debt, too. It may seem unfair to the person who had nothing to do with the debt in the first place, but unwanted surprises like this pop up for people all the time. Both parties should include a debt clause in their prenuptial agreement that states that any individual debts would belong solely to the person responsible for those debts in the event of a divorce.
Getting a Prenuptial Agreement? Make Sure to Include the Right Information
You may have decided that you should get a prenuptial agreement before exchanging vows with your partner. If so, you need to meet with an attorney who can help you and your partner create a fair prenuptial agreement that works best for you both. At Giro Law, we will make sure that you include all the most important details in your prenuptial agreement before it gets finalized. Contact us today at 201-690-1642 if you are ready to schedule an appointment to create your prenuptial agreement.
Lear more about How Does Irrevocable Trust Work