3 things to add to your prenuptial agreement

On Behalf of | Feb 13, 2021 | Prenuptial Agreements

Prenups are not just for the rich and famous anymore. The Academy of Matrimonial Lawyers saw a rise in prenups in 2016. Over 51% of them saw an increase in requests from millennials.

A prenuptial agreement is a contract between two people who plan to get married. The prenup usually lists all assets they bring into the marriage. The agreement also specifies what each person gets if the marriage ends in divorce.

1. Distinguish between marital and separate property

Minnesota, like most states, follows the equitable distribution method. The courts decide the division of the property based on what is fair. It may not end in a 50/50 split.

Adding property information to the prenup will stipulate separate property gained before the marriage. You and your spouse can determine how to treat separate property and how to divide the marital property.

2. Identify separate and marital debts

A prenuptial agreement can add a provision to address debt. The contract should specify how you and your partner divide each debt. It will also pinpoint the amount of debt each party brings into the marriage.

3. Decide on alimony

 Alimony, or spouse support, refers to court-ordered payments, usually to the spouse who makes the lower income. Support can include short-term or long-term payments.

You can add a provision in the agreement covering spousal support. If you and your spouse get divorced, the clause determines the dollar amount of the support and how long it lasts.

You can add more things to your agreement, such as providing for children from a previous marriage and determining estate plans. You cannot address child support and custody in case of a divorce.