What needs to be in your prenup?

Before you tie the knot in Nevada, you and your significant other may wish to create a prenuptial agreement to protect your personal assets. Here are a few ideas about what you should include in this agreement.

You probably are not going into the marriage with the aim of getting divorced, but in an age of rising divorce rates, it is better to be safe than sorry. According to Business Insider, if you and your spouse dictate how assets are to be split before getting married, you can minimize the potential for conflict in the event that the marriage does not work out.

Thus, although the arrangement need not be complicated, you do want it to define what counts as marital property and what counts as separate property. You also may want to address the issue of tax payment and debt distribution.

Other aspects to consider include which party will pay for the legal fees and what requirements, if any, you and your partner might expect in terms of spousal support. In the unfortunate event of divorce, a prenuptial agreement containing these guidelines can provide a clear path for divvying up assets, debts and expenses.

Prenuptial agreements are particularly beneficial if there is a significant discrepancy between the assets you and your partner are bringing to the marriage. In addition, if you are marrying later in life, you are more likely to have property of your own that you wish to protect.

Many couples find it helpful to seek legal assistance in designing a prenuptial agreement to ensure that all the paperwork is in order and that your arrangement meets state requirements in regard to estate planning.

This information is provided for informational purposes only and is not intended to represent legal advice.