Prenuptial agreements (prenups) are valuable legal tools for certain couples considering marriage. They can allow both spouses to enter the marriage with reasonable financial expectations.
A prenup can address many issues that may come up if your marriage ends, but there are limitations. If you are considering marriage, it can be helpful to speak with a knowledgeable prenuptial agreements attorney. The experienced team at Dolan Divorce Lawyers can explain what is included in New Haven prenuptial agreements.
A prenuptial agreement’s primary purpose is to set out how the couple intends to manage their property during their marriage and in the event of their divorce. Couples have the freedom to decide what is likely to work for them—there are no templates or schemes they must follow.
Each couple should decide what feels fair, comfortable, and achievable for them, considering where they are in life and their plans for the future. The prenup of a young couple, early in their careers and planning to have a family, will likely differ from that of divorced parents later in their careers or of a retired couple. After reaching consensus on how they plan to handle their property, the couple should meet with a New Haven attorney to draft a prenup that incorporates their intentions.
Connecticut law considers anything either spouse owns to be the property of both spouses, including gifts, inheritances, businesses, and property a spouse owned before marriage. Some couples may believe it is fairer to designate some or all of the property they each own at the date of the marriage as separate property that will remain theirs if the marriage breaks down.
A prenup allows couples to specify which premarital assets will remain separate, but they can also agree to segregate property they acquire during the marriage. For example, some couples maintain separate bank accounts to keep their earnings separate. Others have joint accounts but designate income from specified sources or certain liabilities as separate. It is important that both parties understand the long-term implications of their choices, including how the agreement will affect them if one partner stops working to care for children or a family member, or if one partner contributes non-financially to the other’s career or business success.
Many wealthy families worry that a family member’s spouse could acquire valuable heirlooms or other family property if the marriage breaks down. A carefully drawn prenup can alleviate that concern by designating inherited property as separate.
When a fiancé has an ownership interest in a business or is a principal in a professional practice, they may use a prenup to designate that interest as separate. However, if the business significantly expands or becomes more profitable after the marriage, the couple may reassess whether the prenup remains fair. If much of the business’s increase in value occurred after the marriage but excludes the non-owner spouse from the profits, the couple may consider updating the prenup to provide the non-owner spouse with some benefit from the business if the marriage breaks down.
The law allows couples to waive their right to alimony in a prenup.
If a couple has children under the age of 18, they will need to negotiate a parenting plan before they can divorce. A New Haven prenup cannot cover child custody, child support, or visitation issues.
Connecticut General Statute § 46b-56(c) requires judges to make decisions about a child’s upbringing based on what is in the child’s best interests at the time. Public policy does not allow parents to decide in advance how they will handle these issues.
Understanding what is included in New Haven prenuptial agreements is essential if you want to resolve property issues before you marry. Contact Dolan Divorce Lawyers for advice today. We can advise you on the issues your prenup should address and prepare an agreement that reflects your goals.
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