Before we can discuss if a prenuptial is needed or not, it’s important to break down what a prenuptial agreement is. A prenuptial agreement is a legally binding agreement between an engaged couple to outline how their assets will be divided in the event of their separation. The prenuptial or “prenup” will list each person’s assets and debts and will lay out how they should be split between the two individuals as explained by a family lawyer.
How Does A Prenuptial Agreement Work?
The assets that are typically listed in a prenuptial agreement can include bank accounts, retirement funds, real estate property, and investments or businesses. The document will be drafted by lawyers and is signed before the couple gets married meaning it normally goes into effect the day of the wedding. It outlines who keeps what and who pays for what to define each person’s responsibilities in the event of divorce or death. Legal documents such as prenuptials can prevent any legal disputes down the line in the future which can just end up being a drawn out process that isn’t necessary.
What Are The Benefits Of A Prenuptial Agreement?
In states that have community property laws, once a couple is married what is property of one individual becomes the property of both individuals. However, not all states have this same law as our friends at the Brandy Austin Law Firm can explain. This means that if the married couple were to divorce, the assets would be evenly split between the two of them and if you wish to avoid this then a prenuptial agreement may be in your future. Another benefit of a prenup is that if one individual has a large amount of debt, the other individual can be protected from having to pay off these debts. This can include debt from before the marriage but your prenuptial agreement can also include how to deal with any debt from during the marriage.
Divorces can be extremely draining and having a plan set in place before you even get married can help prevent any further arguments or emotional pressure. If you have children from before you got married and want to set aside any assets or money for them, your prenup can ensure that what you have saved for them will stay theirs. Essentially, a prenuptial agreement is to help protect you and your assets from any financial complications that arise after divorce.
How Do I Get A Prenuptial Agreement?
It is possible for you to draft your own prenuptial agreement but allowing an attorney to draft it for you is a safe option considering they have experience in this and can help you fully understand any legal jargon used. If you and your partner do decide to draft the prenup of your own, it is smart to err on the side of caution and check with an attorney to make sure the agreement is valid and the procedure was followed when drafting it. After the prenuptial agreement is made it is difficult to change which is why it’s a good idea to double check with an attorney that everything looks good.
Prenups can be useful in ensuring your assets are protected no matter what the future holds or where life takes you. At the end of the day, only you and your partner can decide which path is best for you and if a prenuptial agreement is preferred. Contact a lawyer near you for help with a prenup.