The contents of your prenuptial agreement should be catered to you and your spouse’s personal financial and family circumstances. First and foremost, many couples choose to address the division of assets and property in the event of divorce. Start by identifying issues and assets that are important to you and any concerns you may have that you’d like clarified prior to marriage.
Once you have a list of assets and matters you’d like to address, you should have a good idea of what terms to include in your personal agreement. While most prenuptial agreements focus on property and assets, you may also wish to address issues such as financial support of children including child support, payments toward education, weddings, etc.
Maybe you’d like to ensure that both parties maintain life insurance designating the other as beneficiary of the policy. Or, with the ever-increasing cost of college education, maybe you and your spouse want to agree on how to treat your respective student loan debts during the marriage and in the event of divorce.
Some couples even choose to include details about care for aging parents including whether they will contribute financially to an elderly parent’s care and whether they plan to care for an elderly parent in their marital home. In addition to the traditional asset protection, all of these issues and more are prime topics to consider including in your prenuptial agreement.