Tennessee couples preparing for a wedding may be wondering whether or not they should sign a prenuptial agreement and what kinds of protections it provides in the event of a divorce.
According to Forbes, the most common reasons for a prenup are to outline spousal support and division of assets; however, prenups often cover the following issues as well:
- Allocation of debt upon divorce
- The use and ownership of property
- Creation or distribution of assets from a trust or will upon death
- Other unique financial issues
A prenup cannot outline custody, parental responsibilities or child support payments, as these will depend upon the needs of the child or children involved at the time of the divorce.
Couples can renegotiate prenuptial agreements anytime they decide that adjustments are necessary. As circumstances change, it is common for couples to update the prenup to fit current circumstances better. Postnuptial agreements are also not uncommon. If a couple never signed a prenup, but they feel that there may be trouble ahead, it can be a beneficial way to insure against decisions made in anger and frustration down the road.
While most financial issues besides those dealing with children are eligible for inclusion in a prenup, there are also allowances for other issues that might arise in a divorce. According to Business Insider, here are a few unique things that couples can include in a prenup:
- Genetic material (often harvested eggs or sperm)
- Intellectual property
- Work and professional relationships
- Sentimental items (family heirlooms, photos, memory books, etc.)
While financial concerns are the primary reason for a prenup, protecting assets with emotional value is also a common concern for couples drafting an agreement.