Prenups are commissioned prior to marriage. This agreement may set forth what happens to your and your spouse’s property and income in the catastrophic event of divorce, separation or untimely passing. Most significantly, prenuptial agreements can retain the nature of property in the event the marriage dissolves. In other words, independent property can stay independent, rather than being subjected to community property or impartial division laws.
According to Nolo, “In some states, a prenuptial agreement is known as an “antenuptial agreement,” or in more modern terms, a “premarital agreement.” Sometimes the word “contract” is substituted for “agreement,” as in “prenuptial contract.” An agreement made during marriage, rather than before, is known as a “postnuptial,” “postmarital,” or “marital” agreement.”
Prenups are gaining in acclaim for a plethora of reasons. One, is that individuals today are putting the focus on their careers and delaying getting married. By the time they do marry, each partner has property and financial worth to safeguard. Prenups make this effortless to do. Prenups are also common when one partner has child(ren) from a previous marriage. Such agreements ensure a spouse’s individual property goes to their own child(ren).
The biggest problem in a lot of divorces is deciding on the division of property and capital. A lot of prenups are entered into because couples don’t want courts deciding on asset distribution when the marriage ends. A couple of minutes of prior planning has the possibility to save headaches and immense financial hardships down the road.
No matter what the reason, Moshier Law can assist you in creating a personalized prenup. Just answer a couple of questions, and we will gather the necessary documentation for you.
Who Needs a Prenup?
Opposite to popular belief, prenuptial agreements are not only for the wealthy. Whereas they are usually used to safeguard the assets of a rich fiancé, couples of more humble means are progressively turning to them for their own intent. Here are a couple of reasons tha some individuals want a prenuptial agreement:
Transfer separate property to child(ren) from previous marriages. Marrying couples with child(ren) from previous marriages can use prenups that clarifies what happens to their property when they pass away, so they can pass on individual property to their child(ren) while providing for each other, when necessary. Lacking a prenup, a surviving spouse could have the right to declare large portions of the other spouse’s assets, with the child(ren) getting a lot less.
Declaring financial rights. Spouses with or without child(ren), rich or not, might simply want to declare their financial rights and obligations throughout the marriage.
Staying away from conflicts in the event of divorce. Or they might want to stay away from possible conflicts if they ever get divorced, by clarifying ahead of time how their assets will be allocated, and whether either spouse will receive spousal support. (A couple of states won’t enable a spouse to give up their right to spousal support, nevertheless, and, in a lot of others, a waiver of alimony will be heavily questioned and will not be enforceable if the spouse that is giving up alimony was without a lawyer.)
Get safeguarding from debts. Prenuptial agreements can also be used to safeguard spouses from their debts, and they can address a variety of other issues as well.
Source:
Nolo. “Prenuptial Agreements: Who Needs It and How Do I Make One?” Www.nolo.com, Nolo, 8 July 2016, www.nolo.com/legal-encyclopedia/prenuptial-agreements-overview-29569.html.
