When you’re about to get married, several legal paperwork and involvements are associated with your decision. A prenup is one of them.
A prenup is a reasonable agreement between couples established through documents including provisions, regulations, and recommendations.
So are you planning to prepare for a prenup but confused about what you should ask for in a prenup as a woman? Then this article is for you.
6 Important Facts A Woman Should Ask for in a Prenup
Although a prenuptial agreement is not legally mandatory, many professionals urge couples to have one to settle many marital issues. So, before you create a fair prenup, there are many procedures. Both sides will benefit from understanding what should be included in a prenuptial agreement in Canada and its stipulations.
Here are six things a woman should ask for in a prenuptial agreement:
Any asset you bring into the marriage is premarital property. You and your spouse should decide which of your property will be a community or separate property before you write your prenup.
Assets acquired by a spouse before marriage are deemed separate property by the court. But after-marriage assets are considered common property. You can prevent unpleasant shocks in a divorce by agreeing with your spouse about which property goes in which category.
Many of us consider our pets as our family members. The law also regards animals as property. The laws of your state will govern a divorce, so when you draft a prenuptial agreement, include a standard clause specifying who receives custody of a pet.
Otherwise, you might have to deal with a costly and usual custody dispute for your pets. If you don’t want this to happen, you should have this discussion as soon as you can, ideally before getting married or getting a pet.
Gifts and presents
Gifts are typically regarded as non-marital property, depending on your state. For instance, if your wealthy aunt always gives you a sizable check for any festival, that cash would be considered separate property. This idea can be applied to gifts from your spouse as well. For instance, the Louis Vuitton bag you received as a birthday present.
However, it’s crucial to specifically define presents as specific property and make sure they don’t become mixed up with marital assets, particularly when it comes to monetary ones. This can be made clearer, and your prenup can safeguard gifts given to you alone.
Be aware that debts are also viewed as marital property. This means that even if your spouse incurred the debt, you could still be responsible for paying it back. It includes company debt as well. After a difficult divorce, getting stuck with your partner’s debt can truly make things worse.
However, you can handle debt in your prenuptial agreement to protect yourself. You might stipulate in detail that any debt incurred in your marriage is the different debt of the person who incurred it. Naturally, this does not cover debts taken out on your shared property.
Protection of a retirement plan
The security of your retirement plan is another thing you should include in a prenuptial agreement. The amount of money you have saved up before getting married will be regarded by the court as premarital property. Any future donations will be considered marital property once you get married. It covers manual contributions and reinvested interest payments.
You must ensure that the language is appropriate to safeguard your retirement plan. Declare that, in the event of a divorce, your spouse will not be entitled to any portion of the plan’s future additions as they are solely your property. We suggest you get a lawyer’s help if you need clarification on the precise phrasing used for this.
When contemplating marriage, one of the most crucial conversations is regarding each partner’s financial obligations. You might view your finances differently. Or you and your partner have different views on how you should go about planning your financial future.
Having a discussion on the subject in which you can respond to important inquiries like:
- Who will decide the important financial matters?
- Who will manage the cost of living?
- Are there going to be individual or joint bank accounts?
- How much money will each of you save up?
Once you and your husband have settled on those points, you should include them in your prenuptial agreement to prevent further disputes.
How to Prepare for a Prenuptial Agreement?
Women frequently flee in the opposite direction when signing a prenuptial agreement. Prenups can positively impact marriages and relationships if they are executed properly.
- If you’re considering signing a prenup, talk to your partner about it before talking to your prenuptial lawyer. An open discussion with your spouse can reduce pressure and give the procedure a good spin.
- Gather detailed information to ensure you and your partner are on the same page while establishing the agreement.
- You should obtain legal advice from a family lawyer whether you are the one writing the prenup or revising the arrangement. You can gain from having a lawyer on your side both now and in the future.
Before you start the procedure, following these steps can make you feel more confident and well-prepared.
Can You Modify the Prenuptial Agreement Later?
Yes, you can modify your prenuptial agreement in the future if necessary. However, to change your agreement, both of you must agree; one party cannot do it alone.
A written agreement that both parties sign is required if the parties want to modify their prenuptial agreement. Spouses may also use a formal agreement to revoke their prenuptial agreement completely.
Any important decision-making requires time. So, take your time while you draft a prenuptial agreement if you or your spouse believe it is the best option for your financial future. Discuss the benefits and drawbacks of the agreement frankly. Be aware of what you mention in the agreement.
When both of you are ready to move forward, hire a knowledgeable lawyer to assist you in finalizing and filing the required paperwork. Nothing is guaranteed in the future, but having a legally binding prenuptial agreement before you exchange vows can offer you the comfort you require to start your new life together.