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What is included in a prenuptial agreement?

On Behalf of | Jun 24, 2021 | Family Law |

According to the World Population Review, Nebraska’s 2021 divorce rate is only 10%. Still, any experienced family law attorney will tell you that it is always best to be prepared for the worst-case scenario. A prenuptial agreement can give you peace of mind and provide you with stability in the event that your marriage does end.

What is a prenuptial agreement?

A prenuptial agreement is a legally binding contract, signed by the couple prior to marriage, that is intended to protect both parties’ interests in the event of a divorce.

The terms of a prenuptial agreement are generally related to the couple’s finances and can vary based on the needs of the couple. Nebraska courts will determine whether to uphold your agreement or parts of your agreement based on the terms listed in the Uniform Prenuptial Agreement Act (UPAA).

Here are some of the most common issues addressed in a valid prenup.

Asset distribution

Without a prenup, marital assets, or assets acquired during the marriage or with marital funds, will likely be equitably distributed between the spouses upon divorce. This means the courts will decide a fair and equitable way to divide up the assets based on many factors, including length of the marriage and incomes and earning capacity of each spouse. Separate property, or property brought into the marriage by one spouse, will be given to the spouse that owns it. However, a prenup can allow couples to bypass this process by detailing which assets are marital and which are separate, as well as who has the rights to which assets.

Debt protection

You can include provisions to protect yourself from being held responsible by creditors for your spouse’s debts.

Providing for children from prior marriage

While custody issues cannot be addressed in a prenup, you can include provisions to ensure that your child from a previous marriage will be entitled to your separate property.

Spousal Responsibilities

You can also include information on spousal responsibilities during the marriage (e.g. who pays for household expenses, how much each spouse contributes to the marital account, how to handle disputes)

Spousal support

It is possible for a prenup to specify whether either spouse will be entitled to spousal support in the event of a divorce. The agreement can also the amount and duration of the support.

These are some of the most common issues addressed in a prenup, but every agreement is different. A family law attorney can help tailor your agreement to the needs of you and your spouse.

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