A prenuptial agreement may be the last thing in the minds of most couples that are about to marry, but its importance can’t be emphasized enough. In a prenuptial agreement both the partners disclose all financial assets, set rights and responsibilities, and how the properties will be divided in case of a divorce or death of one of the partners.
Crafting a prenuptial agreement can benefit both partners. If the partners do not create a prenuptial agreement, also known as a premarital agreement, state laws will govern the rights to properties. Some of the ways the couple can benefit from the agreement include the following:
1. Provide for Children Before Marriage
The prenuptial agreement can include provisions for protecting interests of children from previous relationships. Children from a previous marriage can get property rights and inherit property in case of death of a partner. This will ensure that their property rights are protected in case of the untimely demise of one parent.
2. Keep Properties Separate
A prenuptial agreement can specify whether an asset acquired during marriage is part of a marital estate or the separate property of one spouse. By default legal provisions dictate that the property after marriage belongs to both the partners, and may be equally divided. In case you want any of the property to remain separate from the marital estate, then you can mention that in the prenuptial agreement.
3. Division of Property in Case of Divorce
If there is no prenuptial agreement, state laws will determine how properties bought during marriage are divided between the partners after divorce. In case you want the properties to be divided equally between the partners, then the best course of action is a prenuptial agreement.
The period before marriage is when both the partners are in the grip of positive emotions. However, this is also the best time to think about a prenuptial agreement, which can save a lot of time, money, and tension involved in legal battles after divorce. It can define financial rights of both the partners and their kids.
A prenuptial agreement is valid as long as it protects the interests of both partners and fully discloses the assets of each partner. Also, the agreement must be recorded and acknowledged with full formality similar to the writing of any other legal document.
This is where the services of a family attorney will prove invaluable for you. A family attorney will ensure that the agreement between the couples complies with legal requirements and is fully enforceable. It’s advisable that both the parties have separate legal representation. This will ensure that the agreement protects the interest of both parties. If the prenuptial agreement seems unfair for one of the parties, the court may invalidate the agreement.