A prenup serves as an agreement between two spouses and this takes effect upon marriage. These written documents must be duly signed by the two parties to make it valid. Read along to learn more about the benefits of a prenup and some issues involving this agreement.
How Prenup Protects Spouses
Premarital agreement protects the obligations and rights of couples who are looking to get married. In case one party owns a house prior to getting married, the agreement may state that the spouse is responsible for the amount related to the property’s maintenance. In addition, the prenup may be used to protect the spouse’s right to have any transactions with regard to the property. For instance, if you own a beach resort or a house, you will be the only who may legally sell the property or lease it. However, your spouse can use or live in it at certain times of the year.
It is also worth noting that a prenup serves as an outline or guideline on how the property will be used in the event of a divorce or death of the other party. There may even be a provision that would require cash payment settled to the spouse in case the other one is caught cheating. You can also use the prenup in determining the jurisdiction law that is applicable when interpreting the agreement, as well as the location of necessary legal proceedings.
Overall, a prenup can include other issues such as personal obligations and rights of spouses. You may indicate the place where you and your spouse will live, raise children and pursue any career opportunities. However, you cannot involve provisions that violate the law when preparing a prenup. The same holds true with child support concerns, which are not determined in premarital agreement since state guidelines will be followed in this case.