Marriage is an exciting time in a person’s life. There are numerous tasks for the spouses to complete before the big day. This can include dress shopping, cake testing, house shopping, and more. While going through this process, there are many couples that choose to draft and sign a prenuptial agreement, often known as a prenup, before they are wed. This is a contract between two future spouses to determine the division of their assets in the event that they go through a divorce in the future. This document is signed by both before the get married.
It can be an uncomfortable discussion to suggest a prenup before marriage. However, once it is done, it no longer needs to be discussed. While people plan for their marriage to last forever, this is not always the case and divorces occur. This can often be a difficult process, but having a prenup in place can help.
How Can a Prenup Benefit Me?
The process of divorce is often long and complicated. Many spouses end up in court trying to divide their assets between both of them. Often times, this can result in a spouse losing many hard-earned assets. There are also many marriages in which a spouse may enter with an inheritance of their own that they want to be protected. Dividing marital assets can often be emotionally draining.
Drafting a prenup allows spouses to protect their assets in the event of a divorce. Prenuptial agreements often cover several specific terms, including the following:
- The rights of both spouses to join and separate their property during or after the marriage
- The rights of both spouses to buy, use, transfer, sell, exchange, abandon, or manage specific assets or properties in the marriage
- Potential child custody or visitation issues
- The details of spousal support in the event of a divorce
- The division of property in the event of a separation, divorce, or death
- Handling and owning life insurance policies
- Any other issues regarding personal rights and obligations
Is my Prenuptial Agreement Official?
When creating a prenuptial agreement, there are certain guidelines that must be followed. This ensures that the document is legal and can be used in the event that it needs to be. The requirements are as follows:
- The document must be in writing
- Prenups must include a full disclosure at the time of execution
- All prenups must be notarized
- The document must be fair and just for both parties
- The agreement must be executed before the marriage
It is important to know that if you are already married, you cannot create a prenuptial agreement. However, it is possible to draft a postnuptial agreement. This document is essentially the same as a prenup, except it is created after the marriage is official.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.
