Going into a marriage, some people know that one person will remain at home to care for the house and children while the other works. This can benefit the family, but it can also be a difficult thing to handle if the marriage fails. Instead of having to worry about what would happen in that instance, you can establish the plan in a prenuptial agreement before you ever get married.
One thing to include in the prenup is the terms of alimony. If one party remained home, they likely won’t have the job skills or history to get a job right away if a divorce occurs. The alimony payments help them to get on their feet during this troublesome time.
When you are trying to figure out what alimony to include, you must be realistic. The standard of living you live during the marriage will play a role in this. You also need to think about the breadwinner’s income since the alimony must fit into that while still leaving enough for the person to pay for life’s necessities.
Remember, you also have to undergo the property division process if the marriage ends. This might help to provide some financial stability, so carefully consider each option that you have during this process. The prenup might cover some debts and assets, so those are taken care of following the agreement.
Just a word of caution – a prenup must be fair to both parties. There isn’t any single formula that dictates fairness, so you should consider the circumstances if you are going to establish a premarital agreement. Your legal counsel can assist you in determining if your conditions meet this requirement.