Make Your Own Prenuptial Agreement Make Your Own Prenuptial Agreement.

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Slide 1 Slide 2 Make Your Own Prenuptial Agreement Make Your Own Prenuptial Agreement Slide 3 BOOK3 Unit9 Make your own prenuptial agreement Make your own prenuptial agreement Steps: Steps: 1.Search the related web pages. Search the related web pages.Search the related web pages. 2.Search the information for some questions. Search the information for some questionsSearch the information for some questions 3.Your PowerPoint Presentation. (10-15 minutes) (10-15 minutes) Tips Slide 4 BOOK3 Unit9 The related web pages: The related web pages: a. http://www.bankrate.com/brm/prenup.asp a. http://www.bankrate.com/brm/prenup.asp b. http://www.womenof.com/Articles/le031297.asp b. http://www.womenof.com/Articles/le031297.asp Slide 5 BOOK3 Unit9 Questions: What is typically covered in premarital agreements? agreements? Can a prenuptial agreement contain provisions on future children s custody and support? on future children s custody and support? Are there living together contracts? Slide 6 BOOK3 Unit9 What is typically covered in premarital agreements? What is typically covered in premarital agreements? Pre-Marital Agreements typically cover at least several of the following topics: (1) Prior marital history, and family circumstances. (2) What property and prospects each spouse is bringing into the marriage. (3) Who will own the investment earnings from such property. (4) What will happen with the earnings of each spouse. (5) What happens with property one spouse may inherit. (6) What happens in the event of death of a spouse. Slide 7 BOOK3 Unit9 (7) Where the couple will reside. (8) How taxes will be handled (e.g. joint or separate returns). (9) The level of support in the event of a divorce. (10) What happens to debts owed before the marriage and those thereafter incurred. Where one or the other party is marrying for a second or third time, common provisions will be found bequeathing certain assets to a child of a previous marriage rather than to the new spouse. Slide 8 BOOK3 Unit9 Can a prenuptial agreement contain provisions on future children s custody and support? Can a prenuptial agreement contain provisions on future children s custody and support? Yes, but the court is not bound by such provisions. Courts have the power to decide on child custody, visitation rights, and child support, reasoning that parties cannot negotiate such issues particularly before the birth of a child. Slide 9 BOOK3 Unit9 Living Together Contracts Living Together Contracts The same concerns and considerations by couples who do plan to marry and who draw up a premarital contract apply to couples who never plan to marry. As with prenuptial agreements, safeguarding income and assets and negotiating an agreement in the event of termination of the relationship or death is far easier to accomplish when neither party is angry, under stress and/or hostile. The agreement should cover all the property (and debt) you had at the beginning of the relationship as well as any property you accumulate. Slide 10 BOOK3 Unit9 Normally, you would add provisions for support (or lack of support), on keeping each person property and income separate, sharing expenses, living arrangements, personal belongings, and so forth. Some include provisions for arbitration or mediation to deal with future disputes. To accommodate both parties? Interests and assuage any worry about the legality of the contract, we suggest having the document drawn by lawyers representing each partner, or checked by separate lawyers if you have created your own contract.