The idea of signing a prenuptial agreement may sound unnecessary or unnerving, but there are many benefits to having one. Prenuptial agreements can help you understand the financial responsibilities of your marriage, simplify the potential divorce process, and much more. You and your future spouse are likely to benefit from having one.
Prenuptial Agreement Meaning
A prenuptial agreement is a legal contract created and signed by a couple before their marriage. The contract is mutually agreed upon by both parties and details what assets belong to each individual. Each agreement is different, but most divide financial assets (debts, income, savings, payments, etc.) and property among a married couple.
In the case of a divorce or death, the prenup will ensure that you get what is yours and your partner gets what is theirs. It will also protect you from getting stuck with debts and payments that are not your responsibility.
Divorce aside, prenuptial agreements require both parties to reveal all of their financial baggage. Knowing your finances will allow both you and your partner to develop a deeper understanding of each other before marriage.
Do You Need a Prenuptial Agreement?
Even though any married couple can sign a prenup, some marriages may benefit from them more than others. If you or your partner have kids from a prior relationship, a prenup will ensure your assets are distributed to your children instead of your spouse, if that is what is desired.
If you've already gone through a challenging divorce from a prior marriage, a prenup can actually give you peace of mind going into your next relationship. Since your assets will be protected, you will not have to worry about the possibility of another stressful experience. Knowing what's yours will allow you to move into your marriage peacefully and without fear.
A prenuptial agreement will also protect your business and its employees. The contract can show that your business belongs to you in the case of a divorce or separation.
Creating Prenuptial Agreements
Once you and your partner decide to sign a prenuptial agreement, it is advised to work with a family law attorney to draft the prenup. Each partner may wish to have their own legal representation. Both parties will need to sit down and discuss what assets they own and debts they may have.
It is important the prenup is clear and thoughtfully drafted so there is no doubt about who owns each asset. When you have a mutual contract you both decide on, your lawyers will advise if it is fair and appropriate to enter into. After each prenuptial agreement lawyer agrees that the contract is fair, the partners can finalize the agreement and hopefully never need to use it!
Need Help Drafting Your Prenuptial Agreement?
Now that you know the basics of prenuptial agreements, it's time to determine if signing one is the best choice for your marriage. If you and your spouse need help deciding, or help drafting your prenup, consider our services at Lawrence and Jecmen PLLC. Our family law firm is more than ready to help you move forward with your relationship. A prenup will give you peace of mind as you move into your next exciting life chapter with your new partner. Contact us at (602) 807-1400 today to learn more.