When deciding to get married, it would always be better to opt for writing a pre-marriage agreement (AKA: prenup). There are numerous reasons why couples can choose this particular agreement, as there are a large number of marriages that end in divorce. However, many couples believe that prenup arrangement is only for wealthy or famous couples. It could not be further from the truth, but there are other things to consider. In this case, writing a prenup can also mean that you both trust each other that this marriage will last longer as you want to set everything from the beginning. If you wish you have an excellent prenup agreement to work it out for your wedding, you have to put these several necessary clauses and discuss them with each of your lawyers to make it work well.
Indeed, this is the first and foremost vital clause about a prenup. In this case, this clause can help couples deal with the fact that marriage is not only a legal and a religious union but also a financial partnership. This phase is sometimes lost, and after the wedding, it is too late to change. Some evil men and women alike try to hide their financial past, such as bankruptcies, foreclosures, and bad investments. Therefore, you do not want to be responsible for things your couple’s history have to pay. Hence, it is much easier to find all the dirty past earlier on the table before the wedding bells ring.
When a child is born to couples, who have considerable assets (and there would be no prenup if there were no tremendous assets), one of the spouses stays at home with the child. This person sometimes has to sacrifice the job and career. It would be prudent to assume that the spouse is in danger of losing his or her earnings. It is then acceptable for this single spouse to reduce the earning capacity without any recalibration for their long-term financial well-being since it exists in the current marriage contract. After all, the problem has changed considerably since the first prenup.
Modification and Expiry’s Clauses
As mentioned earlier, there may be children involved after several years of marriage. Besides, there are some changes for shared expenses and debts, etc. Therefore, make sure there is a clause in the contract that allows you to change the deal later. Please remember not to sign an agreement that cannot be changed later. This modification and expiry clauses for a prenup are also essential to help you prevent any gold-digger who want to hang around for several years to get your inheritance.