The modern family can assume many forms, and in most cases – modern marriages can benefit from a prenuptial agreement (entered into by the parties prior to marriage) or postnuptial agreement (entered into by the parties after marriage). A wide variety of issues may be addressed in a prenuptial or postnuptial agreement. A properly drafted agreement can:
- Address alimony and the division of assets in the event of a divorce,
- Provide for the division of debt and/or protect the parties from debts brought into the marriage or incurred during the marriage by the other party,
- Outline each spouse’s financial responsibilities within the marriage,
- Allow each spouse the right to leave his or her estate to whomever he or she chooses without federal law or the State of Tennessee mandating that certain provisions be made for a surviving spouse.
The terms included in a prenuptial or postnuptial agreement may vary greatly depending upon the goals, assets and liabilities of the parties.