Understanding Premarital Agreements
A premarital agreement is also known as a prenup or a prenuptial agreement and is a contract between two people who plan on getting married. The document states who will get what if a divorce occurs, as shown in the example here! If either of you is entering marriage with assets, the premarital contract makes the process of separation easier, read more now! The agreement is meant to shield the interests of both partners when entering marriage.
In pop culture, prenups are for protecting the rich. Someone with a lot of property can marry someone who doesn’t have much without worrying about losing their assets. It is, however, necessary that every person considers getting a prenup to access the benefits it provides. Some of the benefits include separating debts, determining financial rights and obligations, and minimizing potential problems in case of divorce. See this site to learn more about the benefits of getting a prenup.
The contracts are treated as serious legal documents and are legal in every state. You are required to negotiate the contract with your lawyer, thus the need that each spouse has their lawyer. Read more now about what to negotiate for with your lawyer. The agreement needs to be fair for both parties, and they must both disclose all their assets. If you do not want to work with a lawyer, you can research how to prepare the document and ensure that it is written clearly to be deemed legally sound. View here for a useful resource concerning how you can develop a prenup. You can even go ahead and draft the document yourself and then seek professional counsel for necessary adjustments. Click for more on professional legal counsel on your prenup here. See our homepage for expert attorneys to offer you prenup services.
You get yourself at the mercy of your state laws if you choose not to have a premarital agreement. Discover more about what the law says concerning assets during divorce here. . You may end up having to split all your assets, including what you owned before you got married. For details about what to do if you’re facing divorce without a prenuptial agreement, read here for more info.
If your marriage remains strong, the premarital agreement will never come into play, view here for more. While you may not even imagine wanting to separate with your partner before marriage, you should be prepared in case this ever happens.