Prenuptial Agreements

A prenuptial agreement also called a premarital agreement is a legal document that is entered into prior to a couple officially getting married or entering into a civil union.  It concerns itself with the disposition of assets in they eventually divorce or when one of the parties dies. A prenuptial agreement can include additions including the division of belongings and the provisions and suggestions for alimony.  For a premarital agreement to be valid, it needs to be designed and prepared with diligence, and signed by both spouses with their mutual consent, before the wedding ceremony takes place. The premarital agreement can address various issues including;

Defining separate property

The properties you bring to a marriage are referred to as separate property. The properties you brought will continue to be yours as long as it is kept separate from the once you and your spouse obtain together. A prenuptial agreement will identify the property which belongs to each of you.

Defining Marital property

Prenuptial agreement also allows couples to identify what they might consider as marital properties, even if it’s a separate property.

Establishing premarital debts

A prenuptial agreement can decide that the debt brought into the marriage by your spouse should remain with the spouse.

Advantages of a prenuptial agreement

• A premarital agreement can protect the financial interests of older persons, individuals with substantial wealth and individuals getting into their subsequent marriages.
• Premarital agreement ensures that an individual who gives up a profession after marriage is compensated if the marriage does not last.
• It can also protect the inheritance rights of children from previous marriage.

Disadvantages of a prenuptial agreement

• The prenuptial agreement may require you to give up your right to inherit from your partner's estate when he or she dies.
• It can be difficult to assume how issues that might occur in the future should be handled, also what may seem like an irrelevant compromise during the premarital period may become tiring and burdensome later.
• You may not be entitled to claim a share of your partner’s asset even if you make a significant impact in the success and growth of the asset if agreed in a premarital agreement. Legally, the increase in value is considered a divisible marital property.

Like other legal agreements, certain guidelines must be followed with premarital agreements too. The agreements must be notarized to ensure they are legal and binding. You should consult an attorney and inform them of all the necessary details and both spouses should sign it after reading and understanding it completely. You can avoid the need to travel if you call a mobile notary to come to your location. Before the commencement of the marriage, certain issues like child support are not considered in a prenuptial settlement. Also, if the court finds, the terms and conditions of a prenuptial agreement unjust, then it has authority to invalidate the agreement and follow the desired course of actions.