How to Prepare a Prenuptial Agreement?

Answer 1

When preparing for marriage, it may be a good idea to consider a prenuptial agreement, or an antenuptial agreement. This document is also referred to as a premarital agreement and can assist both parties entering into the marriage with protecting assets and determining debt responsibility in the event of death or divorce.

1. The couple should first discuss between themselves honestly and openly so that there are no surprises upon actually preparing the agreement.

2. Both parties may want to acquire an attorney or legal representative or have the opportunity to seek their own individual counsel before the agreement is finalized.

3. Prepare a list of all of the assets, liabilities, income and any planned inheritances. Everything must be disclosed and included in the prenuptial agreement. Determine who will be responsible for debt that occurs during the marriage, whether it will be based upon the individual or as a couple.

4. Residences and real estate should be included as well as ownership. The parties will also need to determine or agree upon who will own the property in the event of a divorce and whether or not the original owners will retain ownership.

5. All agreements must be made in writing and will often need to be witnessed and notarized. In order to ensure that a prenuptial agreement is binding and enforceable, it will need to be looked at by an attorney.

Other Points to Consider

•Premarital assets and liability and what exactly each party is bringing into the marriage.

•Potential death benefits and life insurance and how they will be distributed.

•Whether or not spousal maintenance and future alimony will occur in the event of a divorce.

What a Prenup Will Not Cover

Prenups cannot contain or cover illegal activity nor can it include anything that goes against public policy. Further, a prenuptial agreement does not usually contain non financial matters like child care and household matters.

It is important to remember that prenuptial agreements are not just for the rich and famous. If one party has significantly more assets or liabilities than the other or if there are children from a previous marriage, a prenuptial agreement can benefit and protect both parties. They are most often looked upon as anticipating failure of the marriage, but alternatively should be accepted as a form of insurance or protection for all parties involved.

Answer 2

When preparing for marriage, it may be a good idea to consider a prenuptial agreement, or an antenuptial agreement. This document is also referred to as a premarital agreement and can assist both parties entering into the marriage with protecting assets and determining debt responsibility in the event of death or divorce.

1. 1. The couple should first discuss between themselves honestly and openly so that there are no surprises upon actually preparing the agreement.
2. 2. Both parties may want to acquire an attorney or legal representative or have the opportunity to seek their own individual counsel before the agreement is finalized.
3. 3. Prepare a list of all of the assets, liabilities, income and any planned inheritances. Everything must be disclosed and included in the prenuptial agreement. Determine who will be responsible for debt that occurs during the marriage, whether it will be based upon the individual or as a couple.
4. 4. Residences and real estate should be included as well as ownership. The parties will also need to determine or agree upon who will own the property in the event of a divorce and whether or not the original owners will retain ownership.
5. 5. All agreements must be made in writing and will often need to be witnessed and notarized. In order to ensure that a prenuptial agreement is binding and enforceable, it will need to be looked at by an attorney.

Other Points to Consider

• Premarital assets and liability and what exactly each party is bringing into the marriage.
• Potential death benefits and life insurance and how they will be distributed.
• Whether or not spousal maintenance and future alimony will occur in the event of a divorce.

What a Prenup Will Not Cover

Prenups cannot contain or cover illegal activity nor can it include anything that goes against public policy. Further, a prenuptial agreement does not usually contain non financial matters like child care and household matters.

It is important to remember that prenuptial agreements are not just for the rich and famous. If one party has significantly more assets or liabilities than the other or if there are children from a previous marriage, a prenuptial agreement can benefit and protect both parties. They are most often looked upon as anticipating failure of the marriage, but alternatively should be accepted as a form of insurance or protection for all parties involved.