Prenuptial Agreements

 What is a Pre-Nup?
A Prenuptial Agreement, also called a pre-nup, premarital or antenuptial agreement, is a legal contract made between spouses before the wedding to outline plans for the division of property and finances if the marriage ends in a divorce or death down the road. Not just meant for the wealthy, Prenuptial Agreements aren’t only about protecting yourself in the unfortunate event of a legal separation or divorce, they can also help couples decide whether certain debts are personal or shared, and can even help define plans for managing finances. You can also clarify what property each person brings to the marriage and how property, assets, and income acquired during the marriage will be owned.  Without a pre-nup to provide guidance, the state is left to divide property and finances after a death or divorce, meaning that you may not like the final decision. This makes the pre-nup agreement a very important legal document for every couple to have regardless of financial status.
Use a Prenuptial Agreement if:
1. You are engaged and wish to lay out the rights and obligations of each person regarding property and finances.
2. You own a business or property that you’d like to make plans for.
3. You hold a significant amount of debt.
4. You have previously been married or have children from a prior union.
How to Get a Pre-Nup?
Talking about money with a future spouse can be tough, however, being upfront before getting married can help avoid conflict. When writing a prenuptial agreement, it’s often best to do so with your partner and appropriate legal counsel. If necessary, you may also consider asking a third party such as a mediator, counselor or religious advisor to facilitate the conversation. Both parties must engage in full disclosure during the discussion and agree that both parties are executing the document voluntarily. Prenuptial Agreements may be challenged as invalid and considered coerced if they are signed less than 30 days before the wedding, so be sure that you and your significant other have ample time to discuss your financial planning decisions before you tie the knot.
For more information on family law matters contact The Reape-Rickett Law Firm at 661-288-1000.