When two people get married, they usually don`t think about the possibility of getting a divorce. However, it`s important to be prepared for anything that may happen in the future. This is where a spousal agreement comes in.
A spousal agreement, also known as a prenuptial agreement or prenup, is a legal document that outlines how a couple`s assets and debts will be divided in the event of a divorce or separation. It can also include provisions for spousal support, property division, and other issues related to the marriage.
Many people think that only wealthy individuals need a prenup. However, this is not the case. Anyone who has assets or debts they want to protect can benefit from having a spousal agreement. In fact, a prenup can provide peace of mind for both parties, as it establishes clear guidelines for the marriage.
Spousal agreements are particularly important for couples who have children from previous marriages or relationships. A prenup can ensure that each spouse`s assets are protected and that their children`s inheritance is secured.
To create a spousal agreement, both parties must be represented by their respective attorneys to ensure that both spouses` rights and interests are protected. The document must be signed by both parties and notarized to be legally binding.
It`s important to note that a spousal agreement cannot cover child custody and child support arrangements. These matters are decided by a family court judge if the couple decides to divorce.
Overall, a spousal agreement is a valuable tool for any couple who wants to protect their assets and plan for the future. While it may not be the most romantic topic, having a prenup can help a couple establish a strong foundation for their marriage and provide peace of mind for both parties.