A prenuptial agreement, also known as a prenup, can be a wonderful tool for couples who are hoping to get married. This legally-binding contract allows a couple to define the financial terms of their upcoming marriage, protect assets and outline the expectations should the marriage end in a divorce. In other words, a prenuptial agreement provides the impetus for a couple to talk about their finances before tying the knot.
However, a prenuptial agreement cannot contain everything you want. Including certain terms would make the contract null and void. Here are some of the provisions you cannot include in the prenup agreement.
Family court issues
You cannot include anything related to the future of your children and marriage in the prenup agreement. Specifically, you cannot include child support and related items like custody in the prenuptial agreement.
While this may seem like common sense, most people overlook it. You cannot include anything illegal in the prenuptial agreement. For instance, your prenup cannot invalidate or override existing statutes, Neither can it contain a provision that requires the other spouse to commit a criminal act in return for something. Every term in your agreement must adhere to all local, state, and federal laws.
Incentives for divorce
A prenuptial agreement may not include provisions that promote divorce or separation. Remember, prenups are meant to outline the financial terms in the event of a divorce. The contract will be invalidated if it is seen as a direct inspiration for a divorce. For instance, the contract cannot include terms indicating that one party would receive a certain amount of assets should the marriage end in a divorce.
A prenuptial agreement can help a couple streamline their finances before getting into marriage. However, it is important to understand what you can or cannot include in this document.