A prenuptial agreement, commonly known as a prenup, is a binding contract that is drafted and executed by a couple that is planning to get married. While a prenup agreement is not a mandatory requirement before marriage, more and more couples are opting for one thanks to the many benefits it can bring.
A prenuptial agreement can be quite complex and meticulous. If you and your spouse-to-be decide to draft a prenup, it is a requirement that you both make full disclosure of what you own and owe, and outline how debts and assets will be handled should your marriage end in a divorce.
Here are common mistakes you need to avoid when creating your prenup agreement.
While you have a degree of flexibility when it comes to what you can include in your prenuptial agreement, it is important to understand that some topics are off-limit and including them in your prenup can invalidate the entire document. Some of these topics include:
A prenuptial agreement must be made in writing. Additionally, the agreement must be signed by both parties – and each party must have time to review the terms and not be under any duress to force them to sign.
Having a prenup agreement in place before tying the knot is a wise move. A properly-written prenuptial agreement can save you time, money and stress should your marriage end in a divorce.