In our last post, we talked about how debt is divided among the splitting spouses in a divorce. This is part of the property division process, even though most people wouldn’t consider debt to be an “asset” or a piece of “property.” This process is integral to divorce, and it is imperative that the spouses involved in the divorce take it seriously.
While property division can take some time and it can be stressful, there are effective ways that you can streamline the process. One of these ways is to implement a prenuptial agreement before you get married. This contract can dictate your property division process, and it can take a lot of the time-consuming, stress-inducing moments out of these moments during your divorce.
With that in mind, what should you include in your prenuptial agreement? First, and to bring it back to our post the other day, you can include language in your prenup that deals with your spouse’s debts. You can also discuss estate plans, family businesses, and providing for a child from a previous relationship.
However, there are some topics you can’t discuss with a prenup. Examples of these topics include anything illegal (which should be a given, but it needs to be noted anyway), anything relating to child custody or child support, anything relating to waiving your right to alimony, and any provisions that would encourage divorce.
If you follow these guidelines, your prenuptial agreement can greatly help you throughout your marriage and, if needed, in divorce too.
Source: FindLaw, “What Can and Cannot be Included in Prenuptial Agreements,” Accessed Dec. 7, 2017