Prenuptial Agreements

Prenuptial Agreements

A prenuptial agreement is a written contract that a couple enters into before they are married.The parties can also decide in advance if either party will be entitled to alimony in a prenuptial agreement, however, the parties cannot control the issues related to the children including child support and custody, which are issues that must be submitted to the court. However, a prenuptial agreement can address any subject, including payment of household expenses and bills, ownership of property acquired or location of the marital residence. Prenuptial agreements are becoming more common as marriages occur later in life, when careers have been established and significant assets have been accumulated.

Prenuptial agreements may be vital in determining inheritance rights of children from a previous marriage. By entering into a prenuptial agreement, the couple is directing that property rights are determined by the contract rather than the usual rights afforded to a spouse under the law. Under the agreement, the less wealthy spouse may receive a significantly reduced distribution of property on divorce or death.