What Is Included in a Prenuptial Agreement
It is possible to write your own prenuptial agreement, just as you can write a do-it-yourself divorce. “But there are a lot of subtle and not-so-subtle details that need to be taken into account that a layman may not think or may not understand,” Brenner agrees. “It may not be worth the risk that something will go wrong or be overlooked and come back to sue you.” In fact, parties are generally more successful in challenging the validity of an agreement if they have drafted their own prenuptial agreement without legal advice, Roxas warns. The right to privacy is recognized in marriage contracts. “The parties may agree that no other natural or legal person will disclose, intentionally publish, or provide information or materials without the prior written consent of the other party,” Roxas explains. There are often confidentiality clauses in prenuptial agreements to avoid exposure to social media and revealing books, for example. “Parties can also enter into contracts to negotiate any dispute through arbitration and thus keep them out of public view,” Lindsey says. While it is usually the party with the highest earning potential or the most property that will seek the deal, the prenuptial arrangement can be beneficial for both parties. “There have been situations where my clients have been invited by their wealthier fiancées to sign a prenuptial contract. However, during the period of marriage, my clients become the richest party and the agreement also protects them,” says Roxas. If done right, prenuptial agreements can be a useful and easy way to avoid possible future conflicts. They are also a great way to start an ongoing and open conversation with your future spouse about your separated and shared finances. The more you talk about your finances and the life you want to have together, the easier it is to understand if you`re on the same page.
An example would be if you were to marry someone who is entitled to a large inheritance with little or no other income. If you create conditions that require your spouse to give you their inheritance during a divorce so that they have nothing to support themselves, it is likely that these circumstances will be considered unfair in the agreement. There is a common misconception about prenuptial arrangements, and that is that they are a kind of legal weapon that can be used by wealthy couples in divorce proceedings. While high-profile celebrity divorces may reinforce this idea, the truth is more prosaic. Now that you know exactly what prenups are and what they aren`t, it`s time to talk to your partner. Share this information with them and download this helpful guide to learn more about everyone`s wants and needs for the future. Contact us if you have any questions or need help with any of the topics we cover. You have an incredible opportunity to start with a solid foundation for your marriage – one based on trust, communication, honesty, clarity and, of course, love. Remember that your state has laws that govern who gets what in a divorce. With a prenup, you can get around many of these laws by agreeing on who gets what.
While some states prohibit it, other states even allow you to decide whether or not you are entitled to alimony. Check your state law or with a family law attorney to clarify this issue when drafting the marriage contract. Prenuptial agreements can be more expensive because the parties are now married and matrimonial property must be taken into account. “The process may seem boring, expensive, and even unnecessary, but if there`s a divorce, a well-worded deal can be worth its weight in gold,” says Elizabeth Green Lindsey, Esq., a domestic relations and family law attorney based in Atlanta, Georgia and president of the American Academy of Matrimonial Lawyers. To make it a little easier for you to navigate, let`s say what you can`t include in your prenuptial: Now that you have a better idea of whether a prenuptial agreement is right for you or not, it`s time to dive a little deeper and learn what can and can`t be included in your prenuptial agreement. Again, many people mistakenly think that marriage contracts are a weapon that can be used in divorce proceedings. But there are strict rules about what can and cannot be included in a prenuptial agreement, and failure to comply with these rules can result in the contract being annulled if it is challenged in court. For example, a prenuptial agreement may make it clear that there is a joint bank account used by both partners to spend joint expenses, savings, and investments, while each party may want to keep some of its respective income for itself to spend at will. In this way, not only will there be less conflict about how and why a spouse spends their money, but each party will have financial autonomy during the marriage to spend some of their own money at will, while the common goals of the marriage will be achieved through the joint account. In addition, it gives you both the opportunity to fully understand the legal rights you acquire and to give up after your marriage. If you and your spouse decide not to get a prenup, California laws will control your marriage anyway, and they may not be the right choice for your marriage. Therefore, a prenup is a unique opportunity for you and your spouse to actively work together to create the laws that control your marriage.
Otherwise, in the event of divorce, your state`s marriage laws govern the division of your property and debts, as well as the treatment of spousal support. Normally, the party earning the most income and/or having the most assets would hire a lawyer to prepare the prenuptial contract. “Then the other party would retain the services of a separate lawyer to review and negotiate the terms of the agreement and make suggestions for possible changes and modifications,” Roxas notes. If you own a business before marriage, a prenuptial agreement may make sense, as a divorce can destroy a family business. If you own a business with other people, your share of the business can also affect your divorce. A prenuptial agreement may allow the party to decide at its own discretion how to conduct its business now and in the future. “If one of the spouses started a business before the marriage, that spouse may want to prevent the other spouse from acquiring a stake in the business during the marriage,” Schneider explains. “Forensic accounting issues arise when a business gains value during marriage and a spouse wants a share of that increase in business. A prenup can quantify what that interest is, or it can allow the owning spouse to own the business directly, regardless of the contributions that were made during the marriage. “Deciding that you want a prenuptial agreement doesn`t mean you don`t really love your partner or that you necessarily imagine a day when you want to leave them. Marriage contracts are nothing more than estate management tools designed to protect you and your spouse and therefore your family in the event of divorce. For many couples, preparing for a prenuptial agreement is simply another part of the wedding planning process and is no more stressful than choosing a wedding venue or making a down payment on a starting home.
If you`d like help drafting an effective marriage contract or advice on how to ask your spouse for a prenup, please contact New Beginnings Family Law today and let us help! The following list describes the areas your lawyer can address in a prenuptial agreement. The experienced Atlanta Penup attorneys at Kessler & Solomiany, LLC are ready to answer any questions you may have about these terms. As soon as possible, there are benefits to having open conversations from the beginning if emotions are not high. .