Whether you are just starting to think about getting married or already engaged, you may consider a pre/postnuptial agreement. A pre/postnuptial agreement is a contract created by two people who are planning to marry or are already married. The contract outlines each person’s financial rights and obligations during the marriage and what will happen to their assets if the marriage ends in divorce or death. This blog post will discuss the important considerations to consider if you are considering signing a pre/postnuptial agreement.
Why Are People Getting Pre/Post Nuptial Agreements?
You may wonder why more people are opting for pre/postnuptial agreements. While there are a variety of reasons why couples may choose to enter into a pre/postnuptial agreement, there are three primary reasons that stand out:
- Many couples use pre/postnuptial agreements to protect their assets in the event of a divorce.
- Pre/postnuptial agreements can also establish financial boundaries and clarify expectations regarding finances during the marriage.
- Pre/postnuptial agreements can provide peace of mind for both parties by ensuring a clear plan should the unthinkable happen.
Ultimately, the decision to enter a pre/postnuptial agreement is personal. However, it is essential to weigh all of your options and consult with an experienced family and divorce lawyer before making any decisions.
How Can I Get a Pre/Post-Nuptial Agreement?
The best way to create a prenuptial or postnuptial agreement is to consult with an attorney specializing in family law. This type of lawyer will be able to help you draft a legally binding contract and protect your rights. Once you have consulted with an attorney, you will need to gather all of the financial documents that you and your spouse have. This includes bank statements, tax returns, pay stubs, and asset declarations. You will also need to provide a list of your debts and liabilities.
Once you have gathered all the necessary paperwork, you and your spouse will need to sit down and negotiate the terms of the agreement. Once you have reached an agreement, your lawyer will draft the document, and both parties need to sign it. For the agreement to be enforceable, it must be signed by both parties in front of a notary public.
What Should I Include In a Pre/Post-Nuptial Agreement?
The terms of a pre/postnuptial agreement can vary widely, depending on the couple’s specific situation and needs. However, certain topics should be addressed in every pre/postnuptial agreement.
Division of assets
First, the agreement should specify how assets will be divided in the event of a divorce. This includes both liquid and non-liquid assets. Liquid and non-liquid assets are two different types of assets that need to be considered when drafting a pre/postnuptial agreement. Liquid assets can easily be converted into cash, such as savings accounts, stocks, and bonds. Non-liquid assets, such as real estate and jewelry, are not as easy to sell or convert into cash.
When drafting a pre/postnuptial agreement, it is essential to specify how liquid and non-liquid assets will be divided in the event of a divorce. This includes identifying which assets are considered liquid and which ones are considered non-liquid. Specifying what will happen to each type of asset in the event of a divorce is also essential. For example, will the non-liquid assets be sold, and the proceeds be divided between the parties? Or will one party be entitled to keep all the non-liquid assets? These are important questions to consider when drafting a pre/postnuptial agreement.
Division of debts
The agreement should also address how debts will be divided in the event of a divorce. This includes both joint and individual debts. Joint debts are incurred by both spouses, such as mortgages and car loans. Individual debts are incurred by only one spouse, such as credit card debt and student loans. For example, will the joint debts be divided equally between the parties? Or will one party be responsible for all of the joint debts? These are essential questions to consider when drafting a pre/postnuptial agreement.
Finally, the agreement should address spousal support in the event of a divorce. This includes both alimony and child support. Alimony is one of the most important topics that should be addressed in a pre/postnuptial agreement. When drafting an agreement, you and your spouse must decide how alimony will be paid in case of a divorce. This includes specifying whether or not alimony will be paid and, if so, how much it will be. You will also need to decide how long alimony payments will continue.
On the other hand, child support is the amount of money you will pay or receive that can vary depending on how much money each parent makes and how many children they have. It is important to figure out who will pay and receive child support before getting married so that everyone knows what to expect in the event of a divorce.
A pre/postnuptial agreement can be a helpful tool for couples who want to protect their finances in the event of a divorce or death. If you are considering getting one, working with an experienced family law attorney who can help you understand your rights and obligations under state law is essential.