1. A Prenuptial Agreement Should Be Fair to Both Parties
A prenuptial agreement is a contract between two people who are about to be married. The agreement typically outlines how the couple will handle their finances and property in the event of a divorce. It is important that the agreement is fair to both parties, as it will likely be enforced by a court if the couple divorces.
2. Full Disclosure of Assets and Debts
Both parties should fully disclose their assets and debts to each other before signing a prenuptial agreement.
This will ensure that each party knows what they are agreeing to and that the agreement is fair. If one party hides assets or debts from the other, it could invalidate the agreement.
3. Each Party Should Have Their Own Attorney
Each party should have their own attorney when negotiating a prenuptial agreement.
This will ensure that each party understands the agreement and that it is fair.
If one party does not have an attorney, they may be at a disadvantage when negotiating with the other party. Counterintuitively, when each party hires their own attorney, this can actually decrease the cost of a prenup.
4. Maintenance and Support Should Be Included
Maintenance and support should be included in a prenuptial agreement if either party is requesting it. Maintenance is financial support that one spouse pays to the other after a divorce, while support is financial assistance that one spouse pays to the other during the marriage. Including these provisions in an agreement can help to avoid conflict later on.
5. Property Division Should Be Fair and Equal
Property division should be fair and equal in a prenuptial agreement. This means that each party should receive property that is worth approximately the same amount. If one party receives significantly more property than the other, it could create problems down the road.
6. The Agreement Should Not Be Unreasonable
The terms of a prenuptial agreement should not be unreasonable or unfair to either party. For example, an agreement that gives all of the couple’s assets to one spouse in the event of a divorce would likely be considered unreasonable. If an agreement contains terms that are unfair or unreasonable, it may not be enforceable by a court.
7. The Agreement Should Be In Writing
A prenuptial agreement should always be in writing in order to be enforceable by a court. Verbal agreements are generally not enforceable, so it is important that everything is written down clearly. Additionally, both parties should sign the agreement in front of witnesses in order to make it legally binding
8. Health Insurance Coverage
If one spouse has health insurance through their employer, they may be required to continue providing coverage for their ex-spouse after divorce. This is typically done through a process called COBRA, which allows an individual to continue their health insurance coverage for a limited period of time after leaving their job.
9. Child Support
Child support is a payment from one parent to the other to help cover the costs of raising a child. Child support payments are typically made until the child turns 18, but may be extended in some cases if the child is still attending high school or has special needs. The amount of child support that is paid will depend on factors such as each parent’s income and the amount of time each parent spends with the child.
10. Prenup Infidelity Clause / Cheating Clause
Protect Your Assets
If you are concerned about your spouse cheating on you and want to protect your assets in the event of a divorce, you should consider having a prenup with an infidelity clause. An infidelity clause is a provision in a prenuptial agreement that states that if one spouse cheats on the other, they will forfeit certain assets, such as property or money.
Deter Cheating
Another reason to have an infidelity clause in your prenup is to deter your spouse from cheating on you in the first place. If your spouse knows that they will lose something valuable if they cheat, they may be less likely to do so.
Make Getting Divorced an Easier Process
Look, nobody gets married hoping to get divorced. But it does happen, and if you do end up getting divorced, an infidelity clause can make the process easier. With an infidelity clause in place, you will not have to prove that your spouse cheated on you in order to receive the assets that you are entitled to. This can save you time and money during the divorce process.