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Does my prenuptial agreement cover all the bases?

Most legal professionals agree that the best prenuptial agreements benefit both parties entering into a marriage. If a prenup appears too one-sided, it could open the door to future legal challenges.

Certain pivotal issues should be components of all prenuptial agreements. Below are some to include:

-- A clear agreement on how all premarital debts will be paid out.

-- In the event of the death of one spouse or a divorce, there should be a definite resolution for the disposal of any premarital property. During the marriage, any gains, rental, income, appreciation, dividends and proceeds must be appropriately resolved.

-- Stipulate who will wind up with individually or jointly owned property like jewelry, real estate and art.

-- State all income, liabilities, assets and any expected inheritances or gifts.

-- Specifically describe the status of all trusts, inheritances and gifts to the spouses, including who will benefit from them either prior to or after the wedding.

-- Stipulate if both spouses or only one will have an ownership interest in both the family home and other properties in case of divorce or a death of one spouse.

-- Calculate spousal support, alimony or maintenance, or include a provision for a property settlement in lieu of a waiver of support, as New York law allows.

-- Specify any insurance coverage for long-term care, disability, life or medical that shall be maintained during and after the marriage ends, in cases of divorce.

-- Describe the death benefits the surviving spouse will receive and which shall be included in any wills.Many couples shy away from prenuptial agreements because they fear it eliminates the romance from the union. However, understanding the extent and limitations of a prenup can add a layer of security to a marriage.

Source: eqaulityinmarriage.org, "Creating A Prenuptial Agreement," accessed May. 06, 2015

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