Here you will find these Free Prenuptial Agreement Templates to download in order to study them for preparing your very own Prenuptial Agreement easily.
A Prenuptial Agreement or commonly refers to as a prenup is a legal document that a husband and wife sign before getting married. This is a contract that states all the terms and conditions for the undisputed distribution or division of assets in case of divorce. Although the key reason to sign a prenuptial agreement is to secure each partner’s financial assets, this agreement can also settle the legal custody and child support if both partners agree. You can also review and download our collection of free Rental Agreement Templates to rent out your own or someone’s property.
Importance of Prenuptial Agreement:
There is a common belief that when a partner in a marriage is richer than the other, he should get a prenuptial agreement. But, in reality, it’s not true that only rich people sign this agreement. The most common use of a prenuptial agreement is to divide assets between kids with different parents. For instance, you have a son and you marry a woman who has a girl from a previous father. Once you are married, your assets are combined and both of you might try to give more assets to your own kids in case of divorce. A prenuptial agreement secures the rights of each individual in such cases. Even if you are not rich, you might want to secure your financial rights and obligations during and after marriage i.e. you don’t want to pay for your wife’s credit card debt after divorce. There is practically nothing that you can’t include in a prenuptial agreement which makes more sense that couples understand the benefits of such an agreement and agree to sign the contract before getting married.
Key Elements of a Prenuptial Agreement:
Below are some important and common elements of a prenuptial agreement.
Full Disclosure of Assets:
Before a couple of signs a prenuptial agreement, they need to understand one important aspect; disclosure of all assets. Having secrets in a marriage can cause serious damage to this relationship but still, couples hide various aspects of their past and present lives from their partners. Legally when couples sign a prenuptial agreement, they are required by law to fully disclose whatever they own including; properties, cars, and businesses.
Waiver of Default Division Rules:
When it comes to divorce, the rules and regulations change in each state and country. While some countries divide assets equally in between husband and wife, some may set the ratio to 70% to 30%. If you don’t have a problem with this rule of asset division, there is no need to mention it in the prenuptial agreement. But, when you want to protect your property and assets, it’s important to mention how the assets will be separated after divorce.
Division of Property:
Commonly the process of divorce can take weeks and even months and it’s surprising to see that most of this duration is spent dividing the assets. Both parties try to get more of the assets including properties, vehicles, boats, and cash available in the bank accounts. With a prenuptial agreement, both spouses can ensure a timely and agreed the division of assets.
Division in Case of Death:
Despite how married partners want to divide their assets in case of divorce, there is the possibility of the accidental or natural death of one partner and it can create problems for the other partner to get legal ownership of the assets. A prenuptial agreement has the clause to divide or distribute assets in case of death.
Invalidation Protection:
Even if married couples sign a prenuptial agreement, there is always some chance that one of them will ask the court to invalidate the agreement in a legal dispute. That’s why it’s really important that once you decide you want to draft and sign a prenuptial agreement, you make sure there is no wiggle room or ambiguity for the judge to invalidate the agreement.
Free Prenuptial Agreement Templates
Here are previews and download links for these Prenuptial Agreement Templates using Microsoft Word and in PDF format.
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Guidelines to Create a Prenuptial Agreement:
As it’s explained above a prenuptial agreement is an important legal document especially when a partner in marriage is not sure how the other partner will react after divorce or how much it will take him or her to settle the divorce. Ideally, a prenuptial agreement should be created by a lawyer who understands law and government regulations but below you will find guidelines to create this agreement yourself.
Details of both Partners:
A prenuptial agreement starts with the complete details of both partners. First of all, the full name of the husband, his permanent address, contact info, employment details, and nationality are included and then some details about the wife are included in the agreement. Usually, after these details are added, each spouse is referred to as husband or wife rather than mentioning their names.
Declaration of Assets:
This is the main portion of the prenuptial agreement as it includes full details of assets owned by each partner. Whether it’s a piece of property or a vehicle, everything should be mentioned in this section. Keep in mind that hiding an important asset i.e. side business can lead to misconduct in a court of law.
Distribution of Assets:
Then comes the part where both spouses agree to the distribution or division of assets. In some cases, the wife agrees to get 50% of the assets if the husband files for divorce but if she files for divorce, she gets 30%. Another situation is when infidelity or cheating is involved; the accused partner has to pay extra to compensate the other partner. If both partners agree, the agreement can also state that the wife will not get anything from the husband after the divorce.
Notary and Signature:
The last thing for completion of this agreement is the signature of both partners. Although they can sign it at home it’s better to do this in front of a notary public officer so no partner can state that he wasn’t aware of what he is agreeing to while signing the contract.
