Prenuptial Information
Two people who are planning to marry may elect to sign a prenuptial agreement. This agreement outlines certain rights and responsibilities that the couple will have should they choose to divorce later. Although not a very romantic notion, a prenuptial agreement an be a very smart financial move.
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Percentage
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According to Legal Help Mate, around 50 percent of marriages end in divorce, but only 5 percent of married couples have a prenuptial agreement.
Fairness
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Prenuptial agreements are required to be fair and equitable. If one spouse is wealthier than the other, the agreement can not be slanted toward protecting only the wealthy party. Unfair prenuptial agreements do not hold up in court.
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What Can't Be Specified
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To be legal and enforceable, prenuptial agreements may not dictate the amount of child support to be paid or determine child custody and visitation issues. Some states also forbid prenuptial agreements from waiving alimony.
Disclosure
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Each party to a prenuptial agreement should provide full and complete disclosure of all assets and debts.
Cohabitation Agreements
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Couples who plan to live together but not marry may sign a cohabitation agreement. Cohabitation agreements are identical to prenuptial agreements except that the couple entering the agreement does not plan to wed.
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References
- Photo Credit Image by Flickr.com, courtesy of Mikul
