One of the most common misconceptions about prenuptial agreements is that these are only for the very wealthy. The thing is that prenuptial agreements are effective for helping everyone sort through and pre-plan what is going to happen in the event of a divorce and even untimely death. You might be wondering whether you need to have significant assets or income to enter into a prenuptial agreement.
The answer is a strong no. Read on to learn more about prenuptial agreements.
Prenuptial Agreements Give You Control Over Your Assets
Prenuptial agreements are for anyone who wants to have more control over how their assets and income are ultimately distributed in the event of divorce or untimely death. The premarital agreements can be complicated but also as simple as the involved people like to see. You might be surprised to know that prenuptial agreements can be as extensive as thirty pages long, but they can also be much shorter.
Prenuptial agreements really depend on what the person wants to accomplish with the prenuptial agreement, which is also what will give the prenuptial agreement attorney direction in terms of what they need and how the attorney would like to advise the clients on what should be included.
Prenups Are Designed to Protect Your Money
Often, individuals who are more established in their lives and who have assets that they want to protect seek prenuptial agreements. Today, people are generally marrying later in life, which is why many people have assets and income they would like to protect. Certainly, people wouldn’t leave things to the court system as to what happens to their assets in the event of a divorce.
A prenuptial agreement is great for individuals who have taken time and effort to build their assets and to build themselves up as professionals. For instance, prenuptial agreements would be great if you own a business or several businesses. For you, a prenuptial agreement will involve planning on how to preserve your business assets as well.
Get A Prenup If This Is Your Second Marriage
Also, you might be in a situation where you have been married before, and you have seen the result of going through a divorce. In this case, you will naturally want to preserve your asset. The least you would want to have the court making decisions because you might already have had a negative experience in the past with your first divorce.
In such circumstances, it will be important for you to be in control of the situation and how you want things to go regarding your assets if your second marriage ends up in a divorce, too.
Prenups Are Marital Settlement Agreements
You might want to treat premarital agreements in terms of marital settlement agreements. It is important for you to take your time and speak to a lawyer, as a prenuptial agreement should never be done in a rushed manner. The same rule applies to a marital settlement agreement, which is a financial agreement that one enters as part of their divorce. None of these agreements can be done overnight. One of the biggest challenges that you might have at the time of prenuptial agreements is understanding that the agreement doesn’t have to be a two-page document. Essentially, you will be including the following aspects:
- Income
- Assets
- Recognition of premarital assets
- What to do in the event of a divorce
- Spousal support
All of these aspects are incorporated into a marital settlement agreement. On that note, it is incredibly important for you to understand that as much time as goes into drafting a marital settlement agreement in the divorce process, the same amount of attention and time needs to be paid when drafting a premarital agreement.
Get Legal Advice and Guidance
Your lawyer can guide you about all aspects of a prenuptial agreement and what needs to be in it. The prenuptial agreement will remain valid if it is aligned with the Uniform Premarital Agreement Act. Nonetheless, there are ways that terms of the prenuptial agreement can be challenged, and the attorney will guide you and tell you all about it, which is why you must work closely with a lawyer at the time of crafting the agreement.
Only Speak to A Prenuptial Agreement Attorney from Your Jurisdiction
A prenuptial agreement is actually a legal contract that is signed between two people prior to marriage. This agreement details how their assets and liabilities will be divided if they get divorced or one of them dies. When this contract type is debated after marriage – it is referred to as a postnuptial agreement.
Every jurisdiction has its own laws regarding prenups, which is why you must always consult with a licensed attorney within your jurisdiction. If you live in Boston, the law will be different there than when you would live in Ohio. So, in the case of living in Boston, you will need to contact the Boston Prenuptial Agreement Attorney, who will guide you through the prenuptial law that is specific to your jurisdiction and the division of assets.
Really, the only way to be sure whether or not you need a prenup and how things will be laid out in the prenup is to do your own research or to speak to an attorney who is licensed in your state, who practices in this area, and who is knowledgeable about prenuptial agreements.
Getting Around the Conversation of Signing A Prenup
Having a conversation about signing a prenuptial agreement can be somewhat challenging, especially at the stage where you are about to get married. The underlying reason is that at this stage of planning the wedding, both partners naturally want to focus on the good aspects and maybe kids and other parts of your future together.
At this phase, you kind of don’t want to think about divorce. Some people might even take a step further and say that if you plan for a divorce, then it is inevitable. Having a plan for the event of a divorce is more of a contingency plan and not a self-fulfilling prophecy. Some people believe that divorce is something that other people cannot possibly imagine.
Nonetheless, the truth is that irrespective of how much you love your partner, there is still a pretty decent chance of getting divorced – even though you don’t want to think about it. On that note, the conversation of a prenup is definitely something you want to have early on.
