Even though the divorce rate has dropped slightly in recent years, many couples still find their marriages coming to an unforeseen and premature end. Any divorce is very stressful, for a variety of reasons. The division of property is often the cause of a great deal of this stress, and can further degrade an already frayed relationship. There are some steps couples about to be married, or those already married, can take to make this situation easier. Prenuptial and postnuptial agreements may have something of a bad name, but they are a useful tool if divorce becomes necessary.
Prenuptial agreements, also known as premarital agreements, are contracts entered into before the beginning of a marriage providing for division of the assets should the marriage later fail. Since they are contracts, in order to be considered valid prenuptial agreements are subject to the same requirements as any other contract. This means that the agreement must be in writing, signed by both parties, entered into voluntarily, and notarized. …show more content…
Although many believe these agreements are only for the very rich who have significant assets, they can also be useful to any couple who wish to determine beforehand how their assets will be divided. Pre and post nuptial agreements can cover subjects included but not limited to the following; 1) how the property, both individual and marital, will be divided in case of divorce or death, 2) how the property may be used during the marriage, 3) alimony, 4) ownership of life insurance policies and other benefit schemes the parties may own, and 5) choice of law provisions detailing how the agreement will be enforced. It is important to remember that although child custody arrangements may be inserted into a pre or post nuptial agreement, when it comes time to determine child custody the court will give very little weight to any prior arrangement between the