You may think that you do not need a prenuptial agreement if you do not have access to significant resources. However, a prenup can be a valuable tool if either you or your future spouse has young children.
One of the benefits of a prenuptial agreement is that it allows you to plan for your children’s future. Brides say that a prenup clearly lays out which assets your children will be able to access. There are several aspects you should consider as you draft this document.
Estate planning
A prenup allows you to provide for your children if they are still minors at the time of your death. FindLaw says that you can include your estate plan in a prenuptial agreement. You can leave your entire estate to your children or specify that your assets will go into a trust after your death. This ensures that your children will have the financial resources they need as they grow up.
Future divorce
Most couples do not plan for a divorce when they get married. However, as your circumstances change, you may sometimes realize that a divorce may be a good option for your situation. A clear prenuptial agreement allows you to decide what will happen to your property in the event of a divorce. You can list which assets are your separate property so that you and your children retain access to them.
A prenuptial agreement does not cover every situation that may arise in the future. You may want to include provisions concerning child custody or child support, for example. However, a prenup does not allow you to write out terms for these arrangements. You usually need to follow the guidelines laid out by a Minnesota court.