Many people these days wait until their career is firmly established before getting married. Other people are entering their second or subsequent marriage later in life. And, some people who are looking to walk down the aisle already have a significant amount of wealth in their name. In any of these scenarios, it may be prudent for these couples to execute a prenuptial agreement — known as a premarital agreement in Connecticut — to protect their interests in the event of a high-asset divorce.
Connecticut law lists the various topics that can be included in a prenup. As many people already know, a prenup can dictate which spouse is to receive which assets in the event of a divorce. However, a prenup can also outline the rights and obligations each party has to any assets they own, whether these are separate assets or marital assets. In addition, a prenup can include provisions regarding which spouse has the right to manage and control separate and marital assets.
The modification or relinquishment of spousal support can be included in a prenup. A prenup can also require the parties to execute an estate plan to carry out the provisions of the prenup. In addition, a prenup can outline each party’s ownership rights from a life insurance policy in the event of their partner’s death. Prenups can also address each party’s rights as a participant under a retirement plan, whether that plan is their own or their partner’s. The parties to a prenup can choose which state’s laws will govern the execution of the agreement. Finally, prenups can include any other matter involving personal rights and obligations.
As this shows, prenups can address a variety of topics, mostly financial. Couples who come into a marriage with a significant amount of wealth will want to protect their assets, given the reality that many marriages end in divorce. While prenups may not be very romantic, they are practical and can make the divorce process run smoother, should it come to that.