In our last post about divorce, we talked about prenuptial agreements and postnuptial agreements — legal devices that allow spouses to protect themselves and the many assets and factors involved in their marriage. Whether you and your spouse bring an immense amount of assets to the alter, or a far more modest amount of assets, a prenuptial agreement or postnuptial agreement serves a very important purpose to the couple.
So let’s continue our discussion of these contracts by asking the question: what can you include in a prenuptial agreement, and what is forbidden to be in a prenup?
First and foremost, for a state that abides by community property rules, prenuptial agreements take on extra meaning here in Arizona. A prenup can define which assets are part of marital property (and, thus, are subject to community property laws) and which assets belong to just one of the spouses.
A prenup can also address many financial matters, such as an estate plan, family property or businesses, and debts accrued by either spouse (and who holds the liability of those debts, and in what percentage). The prenup can also outline certain responsibilities that each spouse will have during the marriage.
So what isn’t allowed in a prenup? Well, anything illegal is (obviously) forbidden from a prenup. You also can’t outline anything that has to do with child custody or child support. An individual also can’t waive their right to alimony (or spousal support), nor can there be clauses in the prenup that encourage divorce.
Source: FindLaw, “What Can and Cannot be Included in Prenuptial Agreements,” Accessed Dec. 11, 2014