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.
A prenup can cover the following:
- Existing children
- Plans for estates
- Property held in the family
- Financial assets
- Debt liability
- Property division
- Saving and spending plans
- Individual and group property ownership
- Individual and group business ownership
An agreement once you are married is known as a postnuptial agreement and the terms are nearly identical to a prenup.
It is a good idea to have a waiting period to finalize a prenup and consult an attorney who can describe the legal terms of the contact to you. The best prenups are arranged some time before the marriage so everyone can be fully aware of the terms.
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.
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.
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.
Need an Affordable Divorce lawyer in Scottsdale?
The High Desert Family Law Group should be your first choice when you need the best divorce lawyer in Scottsdale or Phoenix, Arizona. Our experienced family law attorneys will work with you to obtain the best possible outcome in your situation. Proven trial lawyers in family court, you can trust the firm to represent you fully so you can get on with your life. Call today for your initial consultation.