Many engaged couples, or even before then, choose to enter into a Prenuptial Agreement. Having a prenup means that it would likely be more comfortable and faster if any divorce proceedings are to come. A Prenuptial Agreement is also helpful in executing the Last Will and Testament after the death of one of the spouses.
The Prenuptial Agreement is legal in all US states, which, as is the case with most more controversial topics, may enforce the prenup in varying fashion. Check your state law before creating a prenup or risk ending up with one that is useless.
The Prenuptial Agreement handles the financial side of the marriage. It is used to decide beforehand the division of properties, liabilities, and current assets. It also details how any businesses owned are to be divided.
However, it does not concern custodial matters, which is the territory of family law and expressly prohibited in such a way that any attempt could void the agreement.
Depending on your state, a Prenuptial Agreement may also be known as:
The prenup comes with a reputation of abuse where very wealthy people hang it over the head of someone not nearly as wealthy to do it or else. Nowadays, though, the prenup may be part of a standard marriage contract. It makes sense to use a Prenuptial Agreement if there are significant assets or liabilities present before marriage. After the marriage, married couples would use a Postnuptial Agreement.
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All states recognize the Prenuptial Agreement, but you still want to create an agreement conforming to your state's law in all aspects. That is what we can help with.
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After reviewing the Prenuptial Agreement's printout, both future spouses are to sign it in front of a witness. Notarization might not be required in all states, but it is highly recommended.
After the Prenuptial Agreement is signed and notarized, distribute a copy to both parties. It is not necessary to file the agreement with the court or any state authority.
Non-marital properties are everything owned prior to getting married. The only exclusion is business ownership, which could be addressed in a Prenuptial Agreement. Non-marital or separate properties may also include anything received by one spouse as a gift, which may those given by the other spouse, damages and compensations won for personal injury, and all properties bought without the other after a legal separation. By contrast, marital properties include all earnings and properties and assets bought during the marriage by either or both spouses. Any commingling of funds in joint bank accounts are usually considered marital property as well.
To begin with, either party can waive the right to have an attorney present by declaring that they understand and are in agreement with all of the terms of the contract. However, some states may require couples to retain an attorney individually as necessary. As a general practice, you can hardly do worse for having a legal expert review your Prenuptial Agreement prior to signing.
Marital debt refers to all liabilities jointly incurred by a couple in marriage, for which creditors are allowed to go after the couple, individually or jointly, for debt collection purposes in the event of a divorce. For the debts incurred separately prior to the marriage, the couple can use a prenup to determine how will the debt burden be shouldered, separately or jointly.
A postnuptial agreement serves the same purpose as the Prenuptial Agreement save for the fact that it is signed after marriage. You can bring up the topic of a postnuptial agreement for any reason – perhaps you had previously thought that a prenup would not be necessary, things might have changed, you or your spouse came into great wealth after marriage.
The answer is yes. For one, a Prenuptial Agreement can be voided if it was created in bad faith. For example, if it is discovered that one of the parties was untruthful with the asset disclosure or was under duress to sign the agreement. A court may also declare a prenup null and void if it was written in a way that would incentivize a divorce, such as if one of the parties stands to gain a lot more for getting a divorce than not getting a divorce.
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