People tend to think that a prenuptial agreement is just for millionaires or Hollywood stars. However, a prenup it’s a contract that can benefit anybody with personal or business assets before entering a marriage.
According to the American Psychological Association, the divorce rate in America is about 40 to 50 percent. Almost half of the couples that get married will end up divorcing. Though nobody likes to think about divorce when they just got engaged and are planning a future together, the statistic alone is a good reason to investigate what a prenup is and what can be included in it.
A prenup it’s a legal contract that can be enforced in court at a divorce trial. It basically enlists all the premarital assets and establishes that in the event of divorce these will remain property of the original owner. This helps both parties enter their marriage with full knowledge of their future spouse´s financial status and to establish realistic expectations regarding their future life together.
A prenuptial agreement can also establish a waiver for spousal support in some states, and some issues regarding the rearing of children, however a prenup cannot include limits to child support.
An experienced family law attorney will ask you these questions on your first visit before drafting an agreement:
· Do you own any real estate?
· Besides real estate, do you have more than $50,000 in other assets?
· Do you earn more than $100,000 a year?
· Do you own a business or own any part of one?
· Do you have plans to start a business after getting married?
· Do you own stocks or have employment benefits like profit sharing?
· Do you plan on continuing with your education like gaining an advanced degree during your marriage?
· Do you have any other beneficiaries, like children from a previous marriage?
Drafting a prenup involves both parties to be open and trustworthy with one another, if you fear about talking about finance and property with your significant other or think that the timing in your relationship is not right, then forcing your partner into signing a prenup can be uncomfortable and bring more downsides than benefits.
If you recently became engaged, we recommend you consulting with a family law experienced attorney to talk more about your situation. If you’re already married and do not have a prenup, you can always consult about a post-nup, which can work just like a prenup. Please contact us for a free consultation, click here to schedule or send a SMS to 619-648-9652.
Legal advertisement. This is not legal advice.