Who Needs a Prenup?
Prenuptial agreements are not only for the rich and famous. Anyone who wants to protect the assets they have before a marriage should consider a “prenup.” Maybe you already have a successful business, or you have significantly more assets than your prospective spouse. What you have before and what you acquire together is difficult to keep track of during the course of a marriage. Basically, a prenuptial agreement ensures that each person keeps his or her pre-martial assets in the event of a divorce. American divorce rates remain high. The guidance of an experienced attorney and this simple document offers a great deal of protection and piece of mind.
How to Talk About Prenuptial Agreements
Let’s face it, it’s a touchy subject. Mentioning a prenup may suggest to your future spouse that you believe the marriage will fail. If you have faith in the marriage, why prepare for it to end? Well, there are good reasons to get a prenup, and none of them imply you don’t have faith in the marriage.
A prenuptial agreement:
- Protects you and your spouse from taking on the debts of the other
- Protects specified property and assets for each of you
- Determines the distribution property and assets after death
- Makes it easier to divide your assets in a divorce
- Specifies your financial responsibilities
So, emphasize to your soon-to-be spouse that a prenuptial agreement protects both of your lives as you have built them leading up to the marriage.
What to Consider
Entering into a prenuptial agreement may introduce some stress to the wedding planning. There certainly are pros and cons when considering prenups.
- Makes financial agreements official
- Simplifies asset division in a divorce
- Protects business assets
- Prevents certain debt liabilities
- May create stress in the relationship
- Not permitted to resolve child custody/support issues
- Limited to monetary concerns
What Invalidates the Agreement?
Both parties must sign a written prenuptial agreement, and execute it properly. A court can rule a prenup invalid for a number of reasons, among them:
- You or your spouse provided false or inaccurate information
- The agreement was signed under duress or without being read beforehand
- You or your spouse were not given time to consult counsel
- The conditions put unfair or severe financial hardship on you or your spouse
There are many factors to consider when a prenuptial agreement is brought into play before a marriage. Protect yourself and all you have accomplished. Call Carl before signing any documents and put his 30 years of experience to work for you.