Spare Oneself From Losing With A Prenuptial Agreement

Marriage is always exciting, considering that two people have decided to spend the rest of their lives with one another. However, this could also lead to a loss of good sense. It is always easier to get wrapped up with all the excitement of love and wedding that comes with marriage that many people forget what could be at stake if in case things would go wrong. This may not be romantic, but it is always a wise decision to think about both the good and the bad potentials in a marriage. Especially that when things get unpredictable and change is constant, future conflicts might be inevitable that every couple needs to surpass.

The analysis should include what you and your spouse will do when irreconcilable differences would arise between you. Aside from just asking whether both of you would be able to stay amicable after the disagreement, securing a plan for dispensing with assets and liabilities might be easier to dispense with while things are still at their best. And this would be accomplished through a prenuptial agreement, or more commonly known as prenup. This is basically a contract that is made by the prospective spouses prior to their marriage which becomes effective upon marriage. A prenup addresses all or most issues that might arise should a divorce occur. For instance, the agreement should address the rights of both spouses and their obligation to premarital and marital assets, regardless of where and when it has been acquired or located, which includes the right to sell, buy, exchange, transfer, lease, abandon, dispose of, assign, or manage and control property. Moreover, it should also be able to address how properties will be divided upon the separation,  divorce, death, and others.

Another common provision in a well-designed prenup agreement includes the modification or elimination of the alimony (spousal support); provisions for handling the respective estates of the spouses in the event of disability or death; a choice of the laws that govern that govern the interpretation of the said agreement; and other matters that may be relevant to the obligations and rights of the spouses upon divorce as long as they are not against the law or they do not violate any public policy.

The predetermination of child support or custody arrangements is perhaps a well-intentioned yet unenforceable provision in a prenup. These kinds of matters need to be decided by the court based on the best interest of the children, and not necessarily the wishes of the parents. Obviously, any other policies would result in some unfortunate outcomes for the children, more particularly when the parents had no children during the time of the creation of the agreement and later on discovered that they are not so good at being parents. While those parents who have developed an alcohol or drug problems, or became abusive, etc. might end up with some custody rights if the agreement had the final say on such matters, the reason why public policy disallow such a given situation.