Classification of property: A prenuptial agreement can classify which property is “separate property” and what will be considered “marital property.” This classification allows a couple to avoid the state’s default laws that would otherwise apply in the event of divorce. For example, you or your partner may classify a condo or home you owned prior to marriage as “separate property,” meaning that should you divorce in the future, that properly would remain solely yours.
Debts: A prenuptial agreement may specify that each spouse is only responsible for his or her own debts.
Provisions for children from a previous relationship: A prenuptial agreement may be able to protect the property interests of children from previous relationships in case the spouse passes away. The spouse may wish to leave separate property to their children from prior relationships. This may be especially important if there’s a desire to preserve a family heirloom that is cherished by the lineal descendants.
Maintenance of separate finances: A prenuptial agreement may specify that the spouses will keep certain finances separate during the marriage and may specify which funds are marital. This can allow spouses to keep control of their own bank accounts and avoid commingling funds that could otherwise result in changing separate funds to marital funds.
And much more. Want to learn more about HelloPrenup's clauses and what they cover? https://helloprenup.com/prenup-clauses/
All content provided in this article is for informational purposes only. HelloPrenup, Inc. (“HelloPrenup”) makes no representations as to the accuracy or completeness of any information on this site. HelloPrenup will not be liable for any errors or omissions in this information nor for the availability of this information. These terms and conditions of use are subject to change at any time and without notice. HelloPrenup provides a platform for contract related self-help. The information provided by HelloPrenup along with the content on our website related to legal matters (“Information”) is provided for your private use and does not constitute legal advice. We do not review any information you provide us for legal accuracy or sufficiency, draw legal conclusions, provide opinions about your selection of forms, or apply the law to the facts of your situation. If you need legal advice for a specific problem, you should consult with a licensed attorney. Neither HelloPrenup nor any information provided by Hello Prenup is a substitute for legal advice from a qualified attorney licensed to practice in an appropriate jurisdiction.