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What You Can (and Can't) Do With a Prenuptial Agreement
Follow through by making your estate plan. In addition to using your prenup to waive inheritance rights and state your intentions for passing on your property at death, it's vital that you prepare the estate planning documents -- a will, living trust, and so on -- that actually transfer your property as you intend.
Define who gets what if you divorce. Without a prenup, state law will specify how your property will be divided if you ever divorce. These laws may dictate a result that neither of you wants. You can use a prenup to establish your own rules for property division and avoid potential disagreements in the event of a divorce. In most states, you can also make agreements about whether or not one or both of you will be entitled to alimony. Some states forbid or restrict agreements about alimony, however. (See "What You Can't Do With a Prenup," below.)
Clarify responsibilities during the marriage. In addition to the reasons listed so far, there are countless other uses for a prenup, depending on your circumstances. Here are some examples of other matters people include in their prenups:
- whether to file joint or separate income tax returns or to allocate income and tax deductions on separate tax returns
- who will pay the household bills -- and how
- whether to have joint bank accounts and, if so, how you will manage them
- agreements about specific purchases or projects, such as buying a house together or starting up a business
- how you will handle credit card charges -- for instance, whether you will use different cards for different types of purchases, what kinds of records you will keep, and how you will make payments
- agreements to set aside money for savings
- agreements for putting each other through college or professional school
- whether you will provide for a surviving spouse -- for example, in your estate plan or with life insurance coverage, and
- how to settle any future disagreements -- for example, you might agree to hire either a mediator or a private arbitrator.
FAQs
- Must the parties to a premarital agreement be represented by lawyers?
- What is necessary to make a valid premarital agreement?
- May premarital agreements decide future issues of custody and child support?
- What does a spouse give up by signing a premarital agreement?
- Do premarital agreements need to provide for a certain amount of support?