Prenuptial Agreements
The Prenup
Whether you like it or not, state rules and family court judges write each married couple a Prenuptial Agreement (commonly called a “Prenup”) that determines rights and obligations for divorce or death.
You are free to opt out of these automatic rules by arriving at an agreement that reflects your values, morals, and beliefs. Your reasoned prenuptial agreement can reflect your true wishes, rather than the cookie-cutter system the state imposes on those who don’t bother.
What is a Prenuptial Agreement?
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A Prenuptial Agreement is a binding contract between to people negotiated before the marriage. Because it is a contract, each party must have separate legal representation. A Prenuptial Agreement is a contract in the same manner that two business partners would negotiate terms before starting a corporation. While they may be negotiating, the best contracts are those that are win-win. In this spirit, the best Prenuptial Agreements are those that provide both parties fair and balanced protection. A Prenuptial Agreement can be narrow or broad, addressing many marriage aspects. Typically, the Prenup addresses financial aspects of divorce, property division and rights should one spouse die.
What Does a Prenuptial Agreement Do?
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A Prenup binds the two parties to terms so that if the marriage does not work, or if one of the parties should die, they have agreed on legal rights. While each Prenup can be different, depending on your specific assets and goals, many prenups address what should happen to assets should the marriage end in divorce, how much support the parties must provide each other and what rights a party should have if the other person dies.
Who Should Get a Prenup?
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Every person can benefit from a Prenuptial Agreement. They may not be romantic or sexy, but a Prenuptial Agreement allows a couple to voice financial expectations and concerns. If these issues remain unspoken, they can fester. If the marriage ends, a prenuptial agreement can save the couple years of turmoil, conflict and attorney fees. A Prenuptial Agreement protects family assets as well as closely held businesses. Having a Prenuptial Agreement doesn’t mean that you are anticipating a failed marriage, it means that you are honest with each other.
What Is in a Prenuptial Agreement?
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A Prenup can be very narrow or very broad. A Prenuptial Agreement will vary depending on your particular assets and goals. Typically, a Prenup addresses what will happen in the case of divorce. For example, what happens to property that each person brought to the marriage, what happens to assets created during the marriage and what happens to inherited assets. A Prenup usually addresses alimony.
What Are the Benefits of a Prenuptial Agreement?
Every marriage benefits from frank, open talk about finances. Disputes over money are a primary cause of divorce. A Prenuptial Agreement allows both people to speak their minds and address the unpleasant idea of what should happen if the marriage fails. Further, what should happen if one of them dies unexpectedly.
Entering a Marriage Informed and Avoiding Disputes
Investing in a reasoned, agreement as to how to divide assets after a marriage and what rights exist should one person die helps avoid devastating conflict and expensive litigation. A little money spent now can save huge expenses later on. Further, financial disputes are a reason why marriages fail. Investing in a Prenuptial Agreement allows a couple to talk about finances and make sure both people enter the marriage with a complete understanding of the other person’s financial expectations. A small amount of negotiation between a couple before marriage can avoid heated disputes after the marriage.
Can a Prenup allow me to keep assets separate?
Yes, a Prenuptial Agreement identifies what assets are separate property. You can then keep your separate property in a Revocable Living Trust or even transfer it into an Irrevocable Trust.
What does Prenuptial mean?
Prenuptial means before the marriage. A Prenup is signed before the wedding ceremony. Afterward, it takes a different form that of a Postnuptial Agreement.
What is a Premarital Agreement?
A Premarital Agreement is just another way of saying Prenuptial Agreement.
Can same sex couples have a Prenup?
Yes, same-sex married couples have the same legal obligations as other married people and addressing mutual obligations is vital.
Al a carte or the Entire Process; It’s Whatever You Want!
We are flexible. We have experienced attorneys who specialize in Prenuptial Agreements who can help you with one or two issues, or we can take on the entire process. Implementing a Prenuptial Agreement’s terms might require signing Wills, creating Trusts or altering beneficiary designations. Unlike other firms, we have a whole department of Estate Planning and Prenuptial Attorneys. Very few practices can provide you that depth of experience.
What Your Prenuptial Agreement Lawyer Will Do for You:
We have experienced Prenuptial Agreement Lawyers ready to help you with any task, but people most often have us help with the following:
- Representing your interests. Though your fiancée does not have to hire their lawyer, a Prenuptial Agreement is a contract between two parties, and you are our client.
- Listening to your concerns.
- Drafting the Prenuptial Agreement for your fiancée’s review or, reviewing your fiancée’s Prenuptial Agreement with you.
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