Paramount prenuptial agreement lawyers
If you plan to tie the knot, it is indisputable that you wish to have a happily ever after that only death can separate. However, this is not always the case, as you may find yourself contemplating divorce. But how do you ensure you don’t lose part of your premarital property in the event of a divorce?
The prenuptial agreement
Also known as a premarital or antenuptial agreement, it is a written agreement signed by two parties before entering into marriage. It stipulates each party’s entitlement to property, assets, finances, debt payment, and settling of bills. The prenuptial agreement becomes effective when separation, divorce, or death occurs as it is legally binding.
Who should consider a prenup?
Most people presume that a prenuptial agreement is for individuals with a high net worth. Anyone with property, assets, and liabilities should make it mandatory to sign the premarital agreement. If you are a business owner, owe significant debts, or have patents and copyrights, it would help if you get a prenuptial agreement.
Another reason for prioritizing a premarital agreement is if you have children from previous relationships. With it, you get to protect your assets from malicious intent and don’t end up settling your ex-partner’s debts. Since all prenups vary, it would be best to consult a lawyer.
How does the prenuptial agreement work?
Every couple should understand that the effectiveness of a prenuptial agreement is subject to its legality. Each partner should hire an unbiased attorney to help interpret its implications and bargain for more if necessary. Each state also outlines laws that govern a prenup and how to enforce it.
The prenuptial agreement must be written as per the law, signed voluntarily by both parties, and signed by a notary representative. If one of these requirements is missing, the request to grant the agreement’s decrees can be turned down. The court presumes that the agreement might be unfair or risky to either party.
The effectiveness of a premarital agreement is subject to when it was written and signed. It would be best to sign it some months before the wedding (solemnization) takes place. If it is signed a week or days to the wedding day, a court may presume that it can be out of coercion.
Some state provisions can only enforce the agreement after a specific period elapses (several years). For some states, the agreement can be effective after you tie the knot. It would be best to understand the state’s provisions (where you reside and where you wedded) concerning the premarital agreement. When preparing a prenup, some aspects are critical in that if you make an omission, the agreement becomes invalid. Couples must:
- Fully disclose their finances, assets, property, and liabilities
- Agree on how to distribute or what portion each part is entitled to
- Establish inherited assets or grants
- Be honest about the agreement
- Seek legal expertise
- Sign voluntarily
- Practice fairness
- Have everything documented
- Not include any illegal aspects
Prenuptial agreement considerations
Reaching an agreement might be challenging, as both parties want to protect what they rightfully own. Several prenuptial considerations can make the work easier. Discussed below are things that you might consider.
1. Get a lawyer
It would be best to hire an attorney who has expertise in divorce and separation concerns. Since every divorce is unique, you would want to have someone who fights for your rights and interests. Having a lawyer minimizes the chances of experiencing unfair treatment or losing what rightfully belongs to you.
2. Be honest about your financial status
Being accurate and honest about your assets, property, and finances is vital. On the other hand, you must discuss each spouse’s debts and how to settle it. Chances are, a partner can inherit a spouse’s debts if not well stipulated in the agreement.
3. Establish when the agreement can is applicable
You should be sure to indicate when the agreement becomes valid. For instance, should it be enforced in the event of a divorce, separation, or when death occurs? Your attorney can interpret these scenarios better, and when the agreement is applicable.
4. Consider your children
Though a prenuptial agreement does not substitute a child’s rights, it helps in establishing what they are entitled to. Your children, including those from a previous relationship, can receive your assets, such as savings and education funds. However, in the event of a divorce, the court will always prioritize children’s rights.
The importance of a prenuptial agreement
A prenuptial agreement differentiates each party’s property and establishes ownership in the event of a divorce or death. With this document, you reduce the chances of having lengthy court procedures and additional legal expenses. Also, it establishes the spouse responsible for paying bills and settling debts.
Disadvantages of a prenup
Unfortunately, the discussion of a premarital agreement sounds unromantic. Here is a list of its disadvantages:
- It can be a divorce strategy
- The relationship might cause resentment
- It creates a lack of trust
- It may indicate malicious intent instead of romance
- A partner’s commitment is questionable