Many couples consider prenuptial agreements, or prenups, as part of their journey towards marriage. This allows them to outline the terms of certain financial matters to protect their rights and secure their future in case of a divorce or death.
Before entering into a prenuptial contract, it is important to understand what it can address to ensure its enforceability if the situation warrants it.
The usual prenup inclusions
Prenuptial agreements can address a variety of issues that may arise in the event of a divorce. A comprehensive prenuptial agreement usually covers the following divorce matters:
- Determination of distribution and control of family property, such as businesses and inheritance
- Division of properties and debts, including clear provisions identifying marital and separate assets and obligations
- Provisions addressing the distribution of retirement and pension benefits
- Payment of spousal support, including the amount, duration and other payment terms
While couples can make their prenuptial contract as detailed as they would like, they can only do so within the bounds of the law. Hence, it is essential to know what the laws do and do not allow when it comes to prenuptial agreements.
For instance, Kentucky does not allow prenups to include provisions addressing child custody, visitation and support matters. This is because courts determine these issues while considering the child’s best interests at the time of the separation, not on prearranged agreements.
Preparing for the uncertain
While no couple wants to consider the possibility of divorce, anticipating it is vital in protecting individual financial rights and interests. Otherwise, it can significantly affect the stability of one’s future. Prenups are a proactive measure for anyone entering into a marriage to provide them with peace of mind that their hard-earned assets are protected should anything happen.
