Prenuptial arrangements usually cover the duration of a marriage but can be limited by what is known as a sunset clause whereby the agreement will no longer be binding following a certain period of time. Read on to learn more.
A prenup can cover the following:
- Existing children
- Plans for estates
- Property held in the family
- Financial assets
- Debt liability
- Property division
- Saving and spending plans
- Individual and group property ownership
- Individual and group business ownership
An agreement once you are married is known as a postnuptial agreement and the terms are nearly identical to a prenup.
It is a good idea to have a waiting period to finalize a prenup and consult an attorney who can describe the legal terms of the contact to you. The best prenups are arranged some time before the marriage so everyone can be fully aware of the terms.
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