Getting A Prenup

Prenuptial arrangements usually cover the duration of a marriage but can be limited by what is known as a sunset clause whereby the agreement will no longer be binding following a certain period of time. Read on to learn more.

Prenuptial Agreements are becoming a more regular part of the wedding planning process. Continue reading to find out more.

How do I acquire a prenuptial agreement?

A prenuptial agreement should make both couples feel more confident about their finances and future plans. Some marriages end in divorce, and a prenuptial agreement can make the divorce process go more easily while also protecting your assets. Take into account the following:

Getting a Lawyer

Attorneys should be hired by both sides. Lawyers who specialize in prenuptial agreements can be found online or through personal recommendations.

Discussion

Have an in-depth discussion with the other party about all aspects of your finances, including full financial transparency. If you don’t, the prenuptial agreement may be declared void in court.

Draft

Investigate state prenuptial agreement rules and compile a comprehensive list of assets. Do not forget to include debts in the contract. Similarly, make a distinction between property that will be kept separate and property that will be shared. You’ll also need to utilize the prenup to specify whether you’ll pay your debts separately or jointly. The prenuptial agreement must also address spousal support and what will happen to the marital residence if the couple divorces. You’ll also need to agree on who is responsible for bill payment, whether you’ll have joint or separate bank accounts, and how you’ll fund significant expenditures.

Also, keep in mind that the prenuptial agreement must be in writing, dated, and signed by both parties; depending on the state you live in, witnesses may be required; it must be notarized; and three copies must be made.

• A prenuptial agreement must be in the works.
• Both partners should sign and date the prenuptial agreement.
• Depending on your state, one or two witnesses will be required to witness the signing of the agreement.
• The document must be notarized.
• Make three duplicates.

A prenuptial agreement can be used by a married couple with children from previous marriages to set out what will happen to their property when they die, allowing them to leave separate possessions to their children while still providing for each other if necessary.

Make your financial rights clear.

Couples, whether they have children or not, and whether they are affluent or not, may simply want to clarify their financial rights and duties during their marriage.

In the event of a divorce, avoid arguing.

Obtain debt protection. Prenuptial agreements can also be used to protect couples from each other’s debts, as well as a variety of other difficulties.

If You Don’t Have a Prenuptial Agreement

If you don’t sign a prenuptial agreement, your state’s laws will govern who owns the property you acquire during your marriage and what happens to it if you divorce or die. State law may have a say in what happens to some of the assets you had before you married.

 

Preparing a Legal Prenup

The law is becoming more favorable to prenuptial agreements as they become more popular.

 

Courts and legislators are increasingly prepared to uphold premarital agreements as divorce and remarriage have grown more common, and as gender equality has increased.

 

However, because prenuptial agreements are still scrutinized by the courts, it is critical that you discuss and draft your agreement in a clear, understandable, and legally sound manner.