For those who have worked hard to amass their assets, it is reasonable to want to establish a prenuptial agreement with their soon-to-be spouse. This document is essentially a contract between a person and their fiancé, establishing rules for the future to make sure their children inherit or rules if the marriage doesn’t work out. To learn more about them, consult with an attorney. In addition, the guide below takes a brief look at their possible contents.

What Should a Prenuptial Agreement Say?

The prenup will outline that everything owned before marriage remains that person’s sole and separate property.  It can also address that all future debts are the responsibility of the person who makes them.  The prenup can also lay out the guidelines for the potential division of assets and debts in the event of a divorce.  Either way, a person could save themselves and their spouse-to-be a considerable amount of time and money should they ever get divorced. Instead of spending hours negotiating a settlement with each other’s attorneys, the prenup already outlines who owns what.

A prenuptial agreement should clearly define what are separate assets and what are jointly owned assets. For example, you would likely want your grandmother’s heirloom ring to be listed as separate property. The beach house you’re planning on buying together in the next few years would belong to both of you. Similarly, you should define which debts belong solely to yourself or your fiancé, so you are not responsible for paying off each other’s debts if there is a split. You can also designate spousal support in this document—a sum of money that will go to the lower-earning partner should you get divorced.

Do You Need a Lawyer to Draft a Prenuptial Agreement?

In terms of this legal document, everything comes down to language. If you accidentally misrepresent some assets, leave some out, or don’t define them specifically enough, the prenup may not be enforceable. When you work with an attorney, they can make sure it represents your true intent and that it holds up to court. Furthermore, since every state has different laws about what you can and can’t include in a prenuptial agreement, a lawyer can provide crucial clarification.

To learn more about prenuptial agreements, get in touch with Bristol Law Office of Roswell, NM. For over 30 years, these attorneys been serving clients in family, bankruptcy, and real estate law cases. For more information on their practice areas, visit the website. Get in touch with R. Matthew Bristol and schedule a consultation by calling (800) 300-1111 today.