Prenuptial Agreements: Who Needs It and How Do I Make One?
Some engaged couples see any discussion of a prenuptial agreement (prenup) as being pessimistic about the prospects of the marriage. If you intend to wed, you expect to live happily ever after, right? Therefore, why would a legal contract regarding a potential breakup be necessary? The fact is, a prenuptial—or postnuptial—agreement can strengthen the relationship by early on addressing questions that may come up and cause friction later. A prenup can be just as important as discussing joint or separate bank accounts, whether both spouses want to have children, and how many. For those with substantial assets or who are entering a second marriage and are interested in protecting a particular asset or piece of property for children from a previous marriage, a prenuptial or postnuptial agreement can be of great benefit
What Is a Prenuptial agreement?
A prenuptial agreement is a binding contract between two individuals that lays out who gets what should the marriage or civil union end, either through divorce or death. More than that, however, a prenup protects both parties no matter what assets they have. A postnuptial agreement is similar, but it is reached after a couple is already married. Even if you are already married, it’s not too late to put together a postnuptial agreement with a family law attorney.
Who Should Have a Prenuptial agreement?
Prenuptial agreements are often associated with the wealthy and the well-known. But you don’t have to have millions in assets to benefit from one. In fact, you don’t have to have many assets at all. Everyone hopes to be better off financially somewhere down the road, and a prenuptial agreement can anticipate that eventuality. Because of the wide range of benefits a prenuptial agreement has, anyone and everyone can benefit from one.
The benefits of a prenuptial agreement can vary with each situation, but there are several major facets of a prenup that apply to nearly every case:
- Asset protection –A prenup protects assets each person brings to marriage, including investments, a business, inheritances and savings. With a prenup, both persons know what their rights are in the eventuality of a legal separation or divorce. With a prenup, it’s easier to identify what is separate property and what is joint property.
- Improved communication –A prenup encourages couples to openly discuss issues they may not have thought about otherwise, and at a time when there is little tension. It eliminates uncertainty that may cloud a relationship later. Just as it names ownership for assets, a prenup also helps with issues of debt. If either party owes for anything from credit card balances to college loans, responsibility can be addressed during the prenuptial process.
- Care for children –If one spouse plans to leave his or her career to stay home with children, expectations for future alimony can be outlined in a prenup. Likewise, if one or both persons bring to the union children from a former relationship, a prenup can designate what happens to them and how they will be supported should the marriage dissolve. Should the parent die, a prenup can protect the children and designate any responsibilities the stepparent might have.
- Expense– Divorce proceedings can be protracted, particularly if the separation is not amicable. Financial assets can take a big hit. By comparison, a prenuptial agreement that outlines expectations and the division of assets at the beginning of the marriage is relatively inexpensive.
How To Make a Prenuptial Agreement
You and your partner should be open with each other when discussing a prenuptial or postnuptial agreement. At the Law Office of David Pedrazas, PLLC, we are able to offer our clients the exceptional legal guidance that they need when considering a prenuptial or postnuptial agreement. We know that our clients who are interested in these agreements often have very specific sets of goals in mind. We will work with you to help you understand everything these types of agreements can achieve for you, and then we will construct a strong agreement that can withstand challenges to its validity.
Contact Salt Lake City Prenuptial Agreement Attorney David Pedrazas
When you are considering a prenuptial or postnuptial agreement, having an experienced attorney as your guide can be the best step you can take toward making sure that you secure a valid, effective agreement. Attorney David Pedrazas has more than 20 years of experience working to help people’s family law goals become reality. Let him help you with your prenuptial or postnuptial agreement. Contact the Salt Lake City Law Office of David Padrazas, PLLC for a Legal Case Review by calling 801-263-7078 or contact us online.