Prenuptial or premarital agreements (“prenup” for short) are contracts that details various aspects of your relationship before getting married.
The purpose of a prenup is to establish an outline of the financial responsibilities and the division of assets in the event of divorce or death. Typically, these prenups will also address many financial and business matters, such as: Retirement funds, savings accounts, investments, etc…
It establishes the rights of each party regarding property and support after the marriage ends. Premarital agreements may stipulate that each party will retain all assets and money earned before the marriage. Some agreements allow each spouse to keep any premarital or inherited assets and to share assets they have accumulated during their marriage. Some agreements includes the details of any future alimony.
Prenups are not only for the wealthy, contrary to popular belief. These are just a few reasons why some people need a prenup.
If the marriage ends, you might want to have a written agreement on the responsibilities of each party. If one of the spouse dies, state laws give certain property rights to the other spouse. State laws also provide for the division of assets and spousal support. State laws will become your agreement by default. But if you want to write your own agreement, a lawyer will be able to help you make your own choices.
If you have children, you may wish to include them in the prenup as a way of ensuring that they are protected throughout the marriage. Children from previous marriages might also want property inheritance to be clarified. Deciding what will happen to your assets in case of death is not only smart, but also necessary if you want to give a fair share to your kids. Without an agreement, your spouse can try to claim a larger portion for himself and leaving much less for the kids.
Creating prenups is a crucial step in legally ensuring your future as a married couple. In order to ensure that your prenuptial agreements are legally binding, you will want to consult with a family law attorney. Our lawyers at Duncan Family Law are familiar with the intricacies of prenups nd can assist you in creating your document. Specifically, we will ensure that the agreements accurately portray the precise language of your state, and that they do not violate any law.
Book a free consultation with us today and we will explain to you all the befits of having a custom prenup agreement that meets your specific needs and specifications.