Memorial Day is in the rear view mirror and we are rounding the corner into June, the most popular month to get married in the United States. Unfortunately, many of these marriages will not make it, and a prenuptial agreement is a solid, but not ironclad, tool to aid in a cleaner split in the event of a divorce.
A prenuptial agreement is a written document, signed before marriage, which allocates the assets and debts of each respective party. The agreement can set aside hard assets such as homes, cars, and boats; as well as financial assets like pensions and accounts. Provisions in the agreement can also bind parties to waive their spousal support in the event of a divorce.
Prenuptial Agreements are also useful in protecting the inheritance for children of prior marriages, and protecting business interest’s one spouse may have from before marriage.
Although effective, these agreements are not bulletproof, and are susceptible to interpretation by a judge. For example, there may be a provision in your prenuptial agreement which waives financial support. A judge may decide the financial situation has changed since the agreement was signed (one party’s income has significantly increased or decreased) and financial support is now needed.
Child support is an area that a prenuptial agreement cannot cover. Child support is a separate issue from spousal support, and any other issues covered by a prenuptial agreement. Child support is determined at the time of the child custody matter and is based on how much time each of you has with the child, as well your respective incomes.