FAMILY
words by ARIANA MEYERS and MEGAN GORDON
photography by TNK PHOTO on Unsplash.com
p r e m a r i ta l agre e m ent s i n n o r t h dakota
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new year is here! For many of us, the new year will bring adventure, big milestones, and possibly, a new last name. An important “to-do” on your wedding planning list is a premarital agreement — a precautionary step to prepare for the best outcome just in case your fairytale doesn’t end with a “happily ever after.”
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a r e a wom a n
| areawomanmagazine.com
our own property what is A PREMARITAL AGREEMENT? Have you ever heard the phrase “pre-nup?” In North Dakota, “prenups” are called premarital agreements. You may be asking yourself, “Why would I want to plan for the end of what I hope will last forever?” The answer is simple and can be summed up in three words: protection, security and investment. A premarital agreement is a contract that you and your fiancé enter into and sign before you become husband and wife. This agreement will likely outline issues surrounding division of assets and debts, spousal support and much more. A premarital agreement is absolutely critical when you are entering a second marriage, anticipate receipt of inheritance or are involved in a family business with anticipated ownership someday.
what can you agree to BEFORE YOU SAY “I DO?” The main consideration in a premarital agreement is identifying separate and marital property. Separate property is property that belongs to one spouse prior to the marriage. Marital property is property that is earned or acquired during the marriage. While marital property will be divided between spouses in a divorce, separate property will not. Absent a premarital agreement, it is not that simple. In North Dakota, almost all property is subject to division upon divorce. The phrase “what’s mine is yours” may ring true if you don’t have the protection and security of a premarital agreement. A premarital agreement will allow you to confidently say to your spouse, “I love you, but what’s mine will remain mine.”
Parties can also agree to spousal support in a premarital agreement. Spousal support is when one party gives financial support to the other after a divorce. This is an important consideration when contemplating marriage, particularly when one spouse chooses to stay home and take care of the children or makes significantly less income than the other. It is important to note that child related issues, such as child support or child custody issues, are non-negotiable. Any child related provisions in a premarital agreement will be unenforceable and the court will replace any such provisions with a parenting plan in the best interest of the child(ren).