Prenuptial agreements are basically “insurance policies” in case a marriage doesn’t work out – and they’re increasingly being used by couples from all walks of life. Prenups can define each party’s financial responsibilities during marriage, clarify property rights in the event of a divorce and provide a great deal of security for both sides.
However, prenups can actually do more than most people realize – but couples often overlook a few key issues that can make a big difference later. Here are four things you may want to consider for yours:
1. Family heirlooms
You may love the idea of using your mother’s ring for your engagement – but you might hate the idea of losing the ring to your ex in a divorce. or maybe you have other family heirlooms that have significant emotional value. To avoid any conflicts in a divorce, you can include a clause (or several) in your prenup that addresses important objects that you want to protect.
2. Intellectual property
Did you know that half of whatever you create during your marriage could end up belonging to your spouse – whether that’s your written work, art or something you intend to patent? If you’re a creative sort, it may be wise to include a section in your prenup that addresses the ownership of any intellectual property you create during the marriage.
3. Professional relationships
It’s pretty awkward for everybody involved when a couple splits up but they both want to keep working with the same interior designer, investment manager, accountant, financial planner, housekeeper, nanny or personal trainer. You can actually include a clause in your prenup that dictates who has to gracefully bow out of those relationships.
4. Genetic material
More and more couples have turned to assisted reproductive technology to have children, and that often leaves them with genetic material in cold storage pending future use. You’d be remiss if you didn’t have an agreement in your prenup about what will happen to any stored sperm, eggs, embryos or zygotes should you and your spouse divorce.