Prenuptial Agreement Divorce: What You Need to Know
Getting married is an exciting time, but it`s important to consider the possibility of divorce in the future. One way to protect yourself and your assets in the event of a divorce is to sign a prenuptial agreement, commonly known as a “prenup”.
What is a prenup?
A prenuptial agreement is a legal contract between two people who are about to get married. This contract outlines how assets will be divided in the event of a divorce or separation. Prenups can cover a variety of topics, including property, finances, and spousal support.
Why should you consider a prenup?
There are several reasons why you might want to consider signing a prenup. If you have significant assets or debts, a prenup can help protect them in the event of a divorce. If you own a business, a prenup can ensure that your spouse doesn`t have a claim to it if the marriage ends.
Another reason to consider a prenup is if one or both partners have children from a previous marriage. A prenup can help ensure that assets are distributed according to your wishes, rather than being divided according to state law.
What happens if you don`t have a prenup?
If you don`t have a prenup, your assets will be divided according to state law. In some states, this means that assets are divided equally between spouses, while in others, assets are divided based on factors such as length of the marriage and contribution to the marriage.
Without a prenup, you also run the risk of having to pay spousal support, also known as alimony, if your spouse earns less than you or if they gave up their own career to support yours.
What are the requirements for a prenup?
To be legally binding, a prenup must meet certain requirements. First, both parties must disclose their assets and liabilities honestly. Second, the prenup must be signed voluntarily, without coercion or pressure from the other party. Finally, the prenup must be fair and reasonable.
It`s important to consult with an attorney when drafting a prenup to ensure that it meets all legal requirements and protects your interests.
In conclusion, a prenuptial agreement can provide peace of mind and protect your assets in the event of a divorce. If you are considering a prenup, make sure you consult with an experienced attorney who can guide you through the process and ensure that your interests are protected.