Pre-nuptial agreements are becoming commonplace in modern society – many popular songs mention them, they are often a subject on television shows, and it is something many people will have to decide. However, for something so pervasive, many people are still somewhat in the dark as to what they are and how they work.
What Is a Prenuptial Agreement?
When you start a new business partnership, you have your lawyer draw up an agreement stating the terms of your partnership agreement. In the case of a marriage partnership, that agreement is referred to as a prenuptial or premarital agreement. It serves to protect the assets of you and your future spouse as well as designates
what happens regarding those assets under any given circumstances.
As an example, let's say you have worked hard, sacrificed, scrimped and saved over several years to build your own successful business. A couple of years after your marriage, your spouse wants a divorce. In the prenuptial agreement the two of you signed before you married, it was stipulated that, should the marriage end, the business would remain solely in your possession, and your spouse would have no legal claim to any part of it.
How to Obtain a Prenuptial Agreement
If you or your prospective spouse are considering a prenuptial agreement, here are some things you need to do:
1. You need to discuss it well before your wedding date. Getting it set up can take several months so give yourselves plenty of time to get it finalized before your wedding.
2. Decide what issues are important to each of you and decide what you want included in the agreement.
3. Hire separate attorneys torepresent each of your interests. Having an attorney for each will also help to insure the agreement is legal and valid.
4. As soon as possible before the wedding, sign the agreement in front of your lawyers and a notary. Make sure the signing takes place far enough ahead of the wedding to alleviate any notion that it may have been signed under duress.
When and For Whom Might a Prenuptial Agreement Be Appropriate
Although there are many reasons why a prenup is a wise idea for couples about to be married, some reasons are far more common and frequently cited than others. For example, if one spouse has considerable wealth or holdings that were accumulated before the marriage, it may be a wise to decision for them to protect themselves in the event one spouse decides to visit this website, or any of the others like it, and hire themselves an attorney.
Additionally, if you or your partner, or both, have a significant amount of debt, a prenuptial agreement will protect either of you from being saddled with the other's debt should you part ways.
For whatever reason, think long and hard before entering into a marriage without an agreement that leaves you and your partner knowing exactly what to expect in the event that the marriage ends. It may be a good idea to decide that when you still like each other, as opposed to after you have called it quits.