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Provisions that can be added in a Prenuptial Agreement

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Many people have the false belief that prenups are only used by famous people or people who have a large amount of money. That simply isn't the case. Anyone who is planning to get married or be joined in a civil union can have a prenup and many people believe anyone in either situation should have one. The provisions added to a prenuptial agreement will really depend on the individual circumstances of each couple entering into the contract. Prenups are a way for people to protect themselves and each other in the event that the marriage ends in divorce or one spouse passes away. There are hundreds of reasons why people feel the need to have a prenuptial agreement including financial protection and even avoiding future disagreements during marriage or civil union. Listed below are some of the common provisions that are added into prenuptial agreements:

• Protection from Debt: If there is no prenup in a marriage creditors can not only come after the other spouse to be repaid they can also go after the marital or community property of the couple. Not being protected from a spouses debt can also ruin the other spouses credit. Adding a provision protecting one other spouse from any present or future debts the other may incur is a common addition to many prenuptial agreements.
• Division of Finances: If a couple divorces or one happens to die then the community and marital assets are divided up by the court system. A prenup can allow couples the right to keep their own individual assets in the event of a divorce or the death of one spouse instead of having the court make those divisions.
• Who Gets What In A Divorce? In divorces where there is no prenup in place the law in the state where the couple is divorcing dictates how things are divided. Prenups allow couples to decide ahead of time how marital assets will be divided between them in the event of a divorce. It can also in many states determine whether or not alimony will be paid to one or both spouses. Deciding these types of things ahead of time not only allows couples to make their own decisions about who gets what it can also help to avoid any bitter fights over property if the couple gets divorced.
• Partner Responsibilities During Marriage: Prenups can also have provisions for certain responsibilities and expectations of everyday things such as: whether the couple will have joint or separate bank accounts, if they will file joint of separate tax returns, who is responsible for making sure the bills are paid, how credit cards will be used, agreements to support the other financially in certain times such as during college, if the spouse will be named as beneficiary of a life insurance policy, or agreements on how money will be saved and invested.
• Protecting Children: People often use prenups to protect and ensure children they have from previous marriages or relationships get their inheritance. One or both spouses can agree in a prenup that they give up their right to claim the others property in the event of death in exchange for other agreed upon property so that the child or the children inherit their intended property.
• Family Property: Prenups allow individuals to keep property such as heirlooms, or shares in a family business in their birth family. Prenups can also be used to protect one party's future inheritances as well as gifts one spouse receives during the time of marriage.
• Non Monetary Value: Prenuptial agreements can also determine the value of non financial contributions to a marriage such as career sacrifices or a stay at home spouse.
• Non Financial Agreements: Non financial provisions are not allowed in some states and they are often debated by legal experts as to whether they should even be permitted in a prenup. Examples of non financial agreements are agreements that neither spouse will commit adultery, one or both spouses will refrain from drinking, smoking, or gambling, how household chores will be performed as well as by who, and even how many children the couple will have.

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