When people think of prenuptial agreements, they are commonly considering protecting their assets. But what about your pets? More and more, we are seeing couples and individuals use prenups (premarital agreements) to protect what happens to their beloved pets if a divorce were to occur in the future. While as pet parents, we often view our pets as children, the law considers them property. So how can you use a prenuptial (prenup) agreement to protect your pets? Maybe consider a "pre-pup"!
How common is it for couples to have a line in their prenup that outlines what should happen to their pet if the relationship ends?
We find it extremely common that pets are included in a prenuptial agreement. While many couples don't think of pets this way, a pet is considered property. Instead, we tend to view pets more as family, like children. The rule of thumb is most child agreements included in a prenuptial agreement are invalid, as child agreements should be based on the "best interest of the child" at the time of a potential divorce. Pets, on the other hand, as property, can be "allocated" in a premarital agreement. Think of it like a pet trust in estate planning documents, where you designate money and ownership to the person who will care for your pets should you pass away. The same applies in a prenuptial agreement (prenup): Who will get ownership of the pets? How will expenses for the pets be handled? Who is responsible for the pet moving forward?
What are the other most common line items addressed in a prenup?
Prenuptial agreements will commonly cover all assets and debts a couple currently owns, individually or jointly, as well as their income. For instance, how would assets be divided if a divorce were to occur? Would there be spousal maintenance (alimony or spousal support) upon a divorce, or is the couple waiving support under some or all circumstances? A prenup may also consider future income earning capacity or future assets/debts. For instance, if the couple buys a house while they are married, how will that be divided at divorce? While not as common, a prenup may also put in clauses about roles for each spouse each the relationship, fidelity (i.e. money is owed if one spouse cheats), and expectations for one another during the marriage. Many of these may not actually be legally binding or have a legal consequence, but I have seen them included on some occasions.
Why is it important to have a prenup in the first place?
We like to explain prenuptial agreements as insurance. You have home insurance, but don't plan on damaging your home. You have car insurance, but don't plan on damaging your car. A prenup is "insurance" for a marriage. You don't plan on getting a divorce, but the rate of divorce continues to settle just at or below 50%. Premarital mediation, particularly, gives couples the opportunities to set up a solid foundation for their relationship, including discussing finances, expectations, and communication. And a premarital agreement commonly gets a negative perspective, but it ca be a document that is beneficial to both spouses - not just one.
Why would it be beneficial to outline what would happen to a pet if the relationship ended?
Pets, like all other property, would need to be divided at the time of a divorce. And as pets are more like family, there is a lot of emotion attached to how that division will happen. By having your pets in a prenuptial (prenup) agreement, you are creating thoughtful options for what will happen with them when you and your fiance are in loving and caring mindset, rather than when anger and other conflict-ridden emotions have taken over at the time of divorce.
"Prepup" agreements could also be helpful for dating, not just marrying couples. We help couples with cohabitating agreements, which address their joint or separate assets when they are solely living together and dating, rather than married, as they don't have the same legal protections as married couples. Cohabitation agreements are a contract that can address how the pets would be addressed if the couple were to break-up in the future.
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