Three Things to Know about a Prenuptial Agreement
Congratulations on your engagement! Now that you have decided to get married, picked your date, and are in the midst of wedding planning, you should consider adding a consult with a family law attorney to discuss prenuptial agreements to your to-do list.
Here are three things to consider:
- What is a prenuptial agreement?
- A prenuptial agreement (sometimes called an ante-nuptial agreement) is a premarital legal contract that resolves areas of potential dispute that may arise in the event of a divorce.
- A prenuptial agreement cannot include provisions addressing custody of children or child support, as these issues will be decided based upon the best interests of the children.
- A prenuptial agreement deals mostly with issues of finances and property, spousal support, legal fees, and estate rights.
- A post-nuptial agreement is the same form of contract but entered into after the wedding.
- Why do you need a prenuptial agreement?
- The primary purpose of a prenuptial agreement is to identify assets and debts, such as a business, loans, investment accounts, or real estate, that are owned before the marriage and determine how those assets will be dealt with in the event of a divorce. Even assets that belonged solely to one spouse prior to the marriage could be considered marital property in part to be divided between both spouses during a divorce.
- Additionally, a prenuptial agreement can protect assets you may earn during the marriage.
- What are some considerations if you think a prenuptial agreement is appropriate for you?
- Both you and your partner should be represented by your own attorney, and you should each meet with your own attorney separately to discuss the terms of the proposed agreement.
- The prenuptial agreement should be negotiated and signed as far in advance of the wedding as possible to avoid any claim that the agreement was the product of duress or undue influence.
- All assets should be identified in detail so that each party knows what they are agreeing to and so that there is no dispute about what property and funds are included in the agreement.
You should consider having a discussion about whether a prenuptial agreement would be beneficial for you both. If so, seek professional legal advice from a reputable law firm regarding your specific situation. Better to be prepared now than pay later. It is easier to negotiate and work through financial issues well before there are any marital issues.
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
_____________________________________________________________________________________________________________________________
Rebecca C. Johnson is an associate concentrating on matrimonial and family law. She can be reached by phone at 845-764-656 and by email.