What Can and Cannot be Included in a Prenuptial Agreement?

It is important to draw a distinction between financial arrangements, which may be included in prenuptial agreements, and personal arrangements, which may not.  Some of the issues that you can settle in a prenuptial agreement are as follows:

(1) How the assets will be disposed of or apportioned in the event of divorce and whether post-marital assets are kept separate;

(2) Who will inherit what (i.e. business interests, college fund account, summer home);

(3) How the needs of family members and children, such as educational expenses, will be provided for via trust accounts;

(4) Who will own the life insurance policy and how the proceeds will be allocated upon death;

(5) Who will be responsible for attorney's fees in case of dispute over the contractual terms;

(6) Whether to resort to arbitration or mediation, rather than litigation, in the event of dispute; and

(7) How much alimony will be paid or whether it is waived (unless waiver is prohibited under state law).

As a general rule, you may not decide child custody, child support or child visitation in a prenuptial agreement.  This is because courts defer to the child's best interest, and it is the final arbitrer of that decision.

Talk to a Family Lawyer before making any decisions regarding premarital agreements.