When putting together a prenuptial agreement, it’s important to consider what can and can’t be included. The specific guidelines will help shape how you craft yours and ensure that you and your partner arrive at the best outcome for both of you.
What Can Be Included in a Prenuptial Agreement
First, you can work with a qualified marriage attorney to create official distinctions between your own property and that shared in the marriage.
In Ohio, your own property is deemed as “separate” and can include the following:
-Inheritance by one spouse
-real estate or personal property acquired prior to the marriage
-Passive income acquired on one’s own before the marriage
-Gifts to be given only to one spouse during the marriages (with a clear paper trail showing that it was meant for that one person)
“Marital property,” or that owned by both spouses can be the following:
-All real and personal property owned by either or both spouses (including things like retirement benefits)
-Interest in real estate or personal property
-Income and appreciation on separate property with a link to the other spouse’s labor, monetary or in-kind contribution
-Money from a public employee participant account
What Can’t be Included in a Prenuptial Agreement
Perhaps more important are some of the following decisions that can’t be included:
-Child support or custody decisions
-Waivers of rights to alimony
-Incentives or provisions towards divorce
-Personal issue details extending beyond financial matters
Taking a guided, measured view at what is and isn’t included can help decide if a prenuptial agreement is right for you and your partner. If you and/or your spouse have significant assets that have been obtained prior to your union, then it may be a good idea to consider an agreement to set guidelines ahead of the marriage. On the other hand, if non-financial issues are of more importance or relevance, then a prenuptial agreement may not be the best option.
Professional advice can also go a long way towards making this decision. Consult the qualified marriage and prenuptial agreement attorneys at Garretson & Holcomb, LLC to determine if this is the right path for you and your spouse. Call us at (513) 863-6600 to learn more.