Prenuptial Agreement Checklist

A prenuptial agreement is not a document we can prepare without preparation. It requires financial information and a clear understanding of your goals before drafting begins. In most cases, the process involves gathering documents, reviewing financial details, and making a few important decisions about how certain issues should be addressed in the agreement.

The Documentation

To draft a valid premarital agreement, the attorney will need specific information regarding the assets and debts that each person is bringing into the marriage. Full disclosure is essential; not only does it preserve the enforceability of the prenup, but it also helps your attorney to provide the best advice possible based on your situation and your objectives. At the outset, the attorney will request documents such as:

• An asset list containing details of your premarital assets
• A list that outlines all debts, loans and other liabilities for which you are responsible
• Incomes statements that provide an understanding of your current financial resources
• A debt disclosure that outlines all loans and liabilities you possess
• Business ownership documentation

The Decisions

Ultimately, the terms in your prenuptial agreement reflect a series of decisions that you and your future spouse will make about your financial and personal future. Some of these decisions include:

• Will income we earn during the marriage be treated as community property or will it be treated as the separate property of the spouse who earns the income? Depending on the language in the prenup, you can specify whether your income will be treated entirely as community property, entirely as separate property or some mix of the two.
• Will my spouse or I be able to make a claim for spousal maintenance (called “alimony” in some states) in the event of a divorce? Will this be affected by whether we decide for one of us to step back from our career to prioritize caring for young children? A prenuptial agreement can waive spousal support entirely or it can preserve the claim, with or without additional conditions.
• Will debts incurred during the marriage, such as credit cards, student loans or other personal obligations be treated as a joint responsibility or will such debts be the sole responsibility of the incurring spouse? A prenuptial agreement is the only way to bind a third-party creditor to an agreement between the parties regarding the separate treatment of debt incurred during the marriage.
• Will either of us gain any rights to the increased value of the other spouse’s separate property? Without a prenup, the increased value of separate property might have a community component if the community invested funds or efforts into the improvement of the separate property.

Ultimately, how expansive or descriptive your prenuptial agreement will be is up to you and your soon-to-be spouse to discuss. Having clear answers in your mind to these basic questions is one way we can help you to prepare for a prenup.

Insightful, Thoughtful Prenuptial Agreement Attorneys

Nothing is as personal as family law and divorce. Prenuptial agreements may seem like an unromantic part of your marriage, but if you look closer, it can be about thinking fully about the future you want to build with the person you love. We want to help you proactively resolve these disputes so you can focus on the best parts of being together and feeling secure in whatever may come.

Reach out to us today to learn more about our firm by calling 480-792-9770 or sending an email using this form to schedule a consultation.