The term prenuptial agreement often creates a mix of emotions. While some people look at prenups to protect themselves and their assets, others find them to be offensive. Agreeing to get married requires a lot more consideration than wedding cakes and honeymoons. When you decide to get married, you need to consider your current and future financial circumstances.
Before you turn your nose to the idea of creating or signing a prenuptial agreement, let’s learn more about the process.
What are Prenuptial Agreements?
A prenuptial or premarital agreement is a contract that a couple of signs before marriage that outlines what each is entitled to if they get divorced later in life. These agreements are made up of various elements, detailing how finances will be split and recording each partner’s private property at the time of marriage. Many prenups also include a death clause that outlines the division of assets if one party dies prematurely.
Prenups are by no means simple. They need to be drafted by a reliable attorney and consider the state’s laws in which you live. When family money is involved, other individuals may also be part of the prenup drafting process.
The Most Common Reasons Couples Get Prenups
Let’s explore the most common reasons couples choose to enter a prenuptial agreement.
To Ensure Privacy
Not everyone likes to reveal their marital matters publically, and they have a right to keep these matters private. A prenup can ensure each party’s privacy using the confidentiality clause. This clearly states that no partner can publicize the other’s personal lives or financial status on any public platform.
For Quick Weddings
If you are engaged for a short period and quickly decide to tie the knot, a prenup can help protect your assets when you don’t know your partner well. While some couples don’t think about it, others won’t get married if their partner doesn’t agree to sign. In some cases, couples will sign a postnuptial agreement that works the same but is drafted after a couple is legally married.
When couples enter a second marriage, many bring old assets that they want to be left to their children. In some cases, a new spouse might also want to be protected from child support and other financial obligations for which the other spouse is responsible. Prenups are a great option in these cases.
One of the most common reasons people enter into a prenup is when one spouse is more financially stable than another, especially if they enter the marriage with considerable wealth. While there should be no hesitation protecting your assets, many spouses on the opposite end find signing an agreement like this to be offensive. Still, this is the perfect option if you want to protect your wealth or share assets with other individuals, such as your family.
Complete Disclosure of Assets Before Signing a Prenup
Although most prenups clearly state that all the assets brought into a marriage remain that person’s private property, complete disclosure is still mandatory. One of the essential parts of your prenuptial agreement is that both parties are fully aware of each other’s net worth, savings, properties, or business assets before they get married. This eliminates any future issues or misunderstandings.
Should I Get a Prenuptial Agreement?
First of all, creating a prenuptial agreement is solely your decision. However, if you are on the fence about creating or signing a prenup, you need to consult a reliable family attorney. Find someone with experience in prenuptial agreements and even divorce. Make sure you hire someone you trust to talk about all the issues you are facing while creating or signing a legal document of this type. In the end, you should always put yourself and your needs first. A reliable attorney will make sure that any pre or post-nuptial document is in your best interest.
Contact Johnson Law Firm for a Free Consultation
If you need a trustworthy Lancaster divorce lawyer to help with your prenuptial agreement, Johnson Law Firm is here to help! Contact us today to schedule a free consultation with our reliable team.