It is an agreement between the spouses made before the marriage which is aimed at providing with the details of ownership of assets especially financial ones in case if both the parties opt for divorce in future arising out of whatsoever reasons. The agreement includes the responsibilities and obligations towards children, if any or other such responsibilities during the marriage, to which both the spouses have to give their content.
These are legal documents binding the spouses during the course of marriage, some of the points included in the documents are:
- Definition of properties; both marital and non marital
- Details of share or division of properties in the event of divorce.
- Protection from Non Marital Debts; if any.
- Expectation setting in terms of Maintenance of either spouse
Why is it required?
It so happens that during the course of marriage that spouses realize certain things, such as:
– The other person has different lifestyle habits, like they spend a lot or do not like to spend at all,
– Has a different personality that doesn’t go along with the other one
– Is not as honest as the other person or is lying in many cases and doesn’t like confrontations etc
These agreements are aimed at safeguarding both the spouses and at times they help in strengthening the marriages as the properties and assets become shared. While living together the confidentiality part in terms of financial assets doesn’t remain there between the spouses in most of the marriages, but such situations in the event of a divorce pose greater threats as the marital and non marital assets become difficult to be differentiated. The properties which were individuals own become shared post marriages and it becomes hard to term them as non marital in many cases. Also, courts look at prenuptial agreement very closely as they have been entered into before marriage and have more solid grounds as compared to post nuptial agreements.
The need for Prenups
Prenups are legal binding provisions in any marriage that are very helpful once a couple decides to separate. This is one of the reasons why prenups are discussed upon in so much detail before signatures of both the spouses happen. Firms who specialize in such cases help their clients at all times if they are in need of such agreement. More information can be accessed at https://www.kirkerdavis.com/practice-areas/postnuptial-agreement/