Prenups or prenuptial agreements help couples settle the consequences of a hypothetical separation even before they get married. The idea of imagining separation from a person you vow to stand by in sickness and in health, and in good times and bad, can be overwhelming.
However, the benefits of prenups outweigh the discomfort associated with the complicated conversion you ought to have with your soon-to-be spouse. With divorce rates soaring to a new high every year, planning for the possibility before the wedding can help you and your betrothed make fair and loving decisions for one another.
Benefits of Prenups
The superstitions and stigma surrounding prenups keep many from taking the leap. However, they make the divorce and asset division process fairly convenient by eliminating many sources of stress and conflict.
In the US, automatic equal property rights are common in most states. The rights entitle spouses to properties they share during the marriage and sometimes also include the ones they had prior to marriage.
Meanwhile, prenuptial agreements can protect the real estate, business holdings, inheritance, and other assets and properties of each spouse. They also outline mortgages, debts, and financial obligations, along with a brief overview of agreed-upon marital responsibilities and each spouse's expectations regarding child custody and support or alimony.
Although prenups do not enforce custody rights, they can be used in the family court if needed to determine arrangements that are in the best interests of the child(ren). If you wish to sign a pre-nuptial agreement, you can discuss more benefits of prenups by calling us at +12199297060.
What to Include in Prenups?
#1- Property Division
Prenups specify the properties each spouse owned before the marriage. They allow you to ensure these properties remain separate from your partner once you marry them. Prenuptial agreements can outline how marital property will be handled in the event of a divorce.
Many couples tend to sell shared properties and split the profits equally, but you can discuss more options with your divorce attorney to move forward with the one that suits your situation.
#2- Financial Obligations
A lot of couples utilize prenups to organize how finances would be managed after the wedding. For instance, a spouse can agree to pay for the utilities while the other can handle housing expenses.
#3- Debts
If any or both parties are entering the marriage with debt, it can be clarified in the prenuptial agreement what each spouse is responsible for, ensuring the burden remains on the debtor. In the event of a divorce, this could prevent the other spouse from being held responsible for the remaining debt. This is especially important when one of them has serious financial liability.
While there are a lot of topics that can be covered in prenups, some states have their own set of requirements that must be followed for the agreement to hold its validity. Therefore, it is best to consult with a reliable family law attorney to avoid the complications of getting into an unenforceable agreement.
Who can Draft Prenups?
Certain states permit couples to write their own prenups as long as they are notarized and signed by a notary. It is recommended that you hire a licensed family law attorney to draft them.
Credible lawyers know the legal terms and technicalities that draw the line between enforceability and nullability. If you need help with any legal procedures concerning family law, personal injury, or criminal law, speak to our criminal defense lawyer, expungement lawyer, DUI or OWI lawyer, or family law attorney at David R. Phillips law firm.
Schedule an appointment to learn how we can help you win legal battles with stress-free and compliant legal proceedings.