When planning a wedding there can be stresses about venue locations or the cost of flowers, but chances are the couple is probably just excited to get married and begin their lives together. The last thing on their minds is the possibility of getting divorced. However, divorce is an unfortunate reality that should be considered when preparing to enter into a marriage. Preparing a prenup with important topics such as alimony can be crucial in protecting yourself. Reach out to a prenuptial agreement attorney in Mountainside for knowledgeable legal advice.
What is a Prenup?
A prenup, formally known as a prenuptial agreement, is a legal contract between a couple. It is drawn up and signed by both parties before marriage and is designed to protect the rights and assets of each spouse. If the marriage fails, a prenuptial agreement will already have the agreed-upon terms of the divorce and designate how assets are divided between the couple. It can feel grim preparing for a divorce before the wedding ceremony has even taken place, but prenups are truly in the best interest of everyone involved.
What is Alimony?
Alimony is the obligation of one spouse to provide financial support to the other in the event of a separation or divorce. Every relationship is unique, so some couples may never deal with alimony. However, it can be beneficial to spouses who make significantly less or do not have an income at all. Alimony is intended to protect a spouse from their divorce having a significant negative impact on their lifestyle. Alimony is typically court-ordered and paid in monthly installments.
Should I Include Alimony in My Prenup?
So, should alimony be established in a prenup? The short answer is maybe. Every couple and marriage is unique. What works for some may not work for others. However, if you are going to sign a prenuptial agreement, you might as well address as many potential topics of discourse as possible. Some standard items that are generally incorporated in the terms of a prenup include:
- Premarital assets
- E.g. Cars, jewelry, property, artwork, etc.
- Premarital debts
- Cash and bank accounts
- Retirement accounts
- Stocks and bonds
- Custody of children and/or pets
Alimony is also a common topic that factors into a prenuptial agreement. Having spousal support decided before marriage can help alleviate difficulties after a separation or divorce, like avoiding a time-consuming and expensive legal battle.
If one of the parties relies heavily on their spouse’s income to live, the prospect of divorce can be a scary thought. In relationships sometimes sacrifices have to be made. One spouse may give up working to stay home or raise children, meaning they do not have an income of their own. If alimony is established in the prenup, they won’t have to worry about their lower earning potential from being out of the workforce for extended periods.
Agreeing to terms when the relationship between you and your partner is happy and healthy can make the future process of divorce an easier and more manageable experience.
