Although they have a negative reputation among some, prenuptial agreements do more than protect wealth for those with excess money. They can prevent future conflict and clarify expectations before marriage. These agreements allow both partners to enter a marriage with transparency about finances and responsibilities. Topics to cover in a prenuptial agreement include property and debts, spousal support, and any unique needs of the couple.
At the Law Office of Pamela C. Bratcher, we help clients create thoughtful and effective prenuptial agreements. With over 30 years of legal experience in Kentucky family law, Pamela Bratcher provides direct, honest advice and compassionate guidance. If you are considering a prenup, we can help.
What Is a Prenuptial Agreement?
A premarital or prenuptial agreement (informally, a “prenup”) is a contract a couple can sign before they marry. A prenup focuses on financial matters during the marriage and what happens if the marriage ends by divorce or death. If you include provisions in the agreement related to child custody or support, a court generally will not enforce them.
Why Use a Prenuptial Agreement?
People consider prenups for many reasons, such as:
- Clarifying finances during the marriage;
- Protecting assets acquired before the marriage, business interests, or inheritance rights;
- Addressing potential spousal support obligations; and
- Reducing the risk of future disputes.
Prenuptial agreements can be especially useful for:
- Individuals who have been married before,
- Those with children from prior relationships, and
- Couples with significant differences in wealth or debt.
When created with fairness in mind, prenuptial agreements can provide both parties with clarity and peace of mind.
What Should Be Included in a Prenuptial Agreement?
Both partners must disclose details about their financial circumstances when deciding what should be included in a prenuptial agreement. Then, each should consider their current and future financial circumstances, such as:
- Anticipated career changes,
- Potential inheritances,
- Likely accumulation of assets or debts, and
- Planned investments.
A well-drafted prenup addresses specific issues but remains flexible enough to adapt to life changes.
Common Prenup Clauses
Common prenup clauses may address:
- Property classification as separate versus jointly owned property,
- Debt responsibility,
- Spousal support,
- Inheritances,
- Business ownership,
- Retirement accounts,
- Estate planning coordination, and
- Use of mediation or arbitration.
Couples should tailor their prenuptial agreement to their specific circumstances.
Other Things to Cover in a Prenup
Other things to cover in a prenup may go beyond basic legal protections and address day-to-day or long-term priorities. Examples include:
- Designating responsibility for oversight and contributions to joint accounts or investments;
- Outlining how the couple will manage household expenses, bills, and savings;
- Clarifying responsibilities related to expenses for children from previous relationships; and
- Addressing who retains ownership of sentimental or personal items, gifts, family heirlooms, or pets.
By thoughtfully addressing couple-specific topics to cover in a prenuptial agreement, couples can reduce misunderstandings, build trust, and strengthen their partnership.
Should You Use a Standard Prenup Template?
Using a standard prenup template may seem like a quick solution, but it often leads to problems later. Many templates:
- Do not account for Kentucky-specific legal requirements,
- Use vague or legally unenforceable terms,
- Overlook critical issues like asset valuation and tax implications,
- Fail to cover necessary financial disclosures, and
- Do not account for unique circumstances.
Even if you begin with a template, each partner working with an attorney is essential to ensure your final agreement is legally valid, enforceable, and tailored to your relationship.
Guidance from a Trusted Family Law Attorney
The team at the Law Office of Pamela C. Bratcher understands that marriage requires clarity, honesty, and mutual understanding. Every couple is unique; if they choose to create one, their prenuptial agreement should reflect that uniqueness. Reach out today to schedule a consultation to learn more.
Frequently Asked Questions
What Should Be Covered in a Prenuptial Agreement?
Prenuptial agreements should cover marital finances, asset and debt division, spousal support, rights to property or businesses, and other financial expectations during the marriage. It may also address retirement accounts, inheritances, and other matters unique to the couple.
What Are the Considerations of a Prenuptial Agreement?
When creating a prenup, consider full financial disclosure, fairness to both parties, compliance with Kentucky law, and the long-term impact of each provision. The agreement should be fair, efficient, and complete.