Divorce can be stressful and complicated as you navigate your new single life while determining your rights and distributing assets. A prenuptial agreement can help greatly with the fallout of a divorce, especially when dealing with alimony.
Alimony is financial support that one spouse may owe the other if they separate or divorce. Also known as spousal support, there are a variety of reasons a spouse may be eligible to receive alimony. All of these reasons can be addressed in a prenuptial agreement.
Contact a Suffolk County prenuptial agreement lawyer for help with the conditions of your prenuptial agreement.
What is a Prenuptial Agreement?
A prenuptial agreement, often referred to as a prenup, is a legal written agreement a couple makes before marriage. This contract addresses each spouse’s rights concerning assets if the marriage ends in divorce.
The point of a prenuptial agreement is to make a clear distinction of who owns what. A couple may decide to sign a prenup if there is a notable gap in their net worth. It can be used to protect money, property, or other assets as the prenup will state which assets will be jointly owned and which assets will be distributed to only one spouse in the case of a divorce.
Should My Prenuptial Agreement Include Alimony?
Prenuptial agreements will look different for every couple. There is not a one size fits all template to use. It will actually be better to have a unique contract drawn up to fit you and your spouse’s needs specifically. You can put whatever you want in a prenup given that both parties agree to the terms.
Standard assets that are typically included in prenuptial agreements include:
- Cash
- Bank accounts
- Real estate
- Retirement funds
- Stocks and bonds
- Miscellaneous property such as cars, jewelry, art, etc.
Your prenup will be tailored to your specific circumstances so you may choose to include additional assets whether they have monetary value or not. Prenups can include child and pet custody, confidentiality agreements, debt protection, and more. Alimony can also be agreed upon in a prenuptial agreement.
If your prenup addresses spousal support, it will make the fallout of divorce easier to manage as you can avoid lengthy court times and arguments. Before a marriage, you can figure out if and how alimony might benefit your relationship. If you decide neither of you will ask for alimony in the future, the prenup can include that you both waive your right to spousal support. If one of you is agreeing to quit your job to raise children or take care of the home then you might decide to outline a payment plan based on the working spouse’s income.
It is impossible to know the future, that’s why even the happiest of couples may consider signing a prenup. It is always best to consider and prepare for the potential outcomes of any relationship.
