Most of us dream of finding a long-term partner to build a life with and potentially start a family. Many people are eager to plan their wedding and create a memorable experience for everyone involved. Not all marriages last, and divorce can bring financial and custody disputes. A prenuptial agreement is a key way to protect yourself, though many misunderstand its purpose. Let’s explore the key information you should know.
What Is a Prenuptial Agreement?
A prenuptial agreement is a contract between two individuals that establishes certain terms before they get married. It outlines each party’s assets and debts, documenting them prior to the marriage. These assets often include jewelry, real estate, cash, and investments.
The agreement dictates how these assets will be divided if the marriage ends in divorce. A premarital agreement can also include various clauses that come into effect under specific conditions. For example, lifestyle clauses might require both spouses to refrain from substance abuse, dictate religious practices, or even outline the frequency of intimacy. If these terms are violated, the spouse can file for divorce, and a judge may favor the aggrieved party based on the agreement.
Premarital Agreement Benefits
A premarital agreement allows for quicker resolution of issues in divorce, avoiding lengthy disputes over shared and personal assets. A prenuptial agreement helps to expedite these processes, protecting separate property and minimizing conflict.
If children are involved, a prolonged divorce can be emotionally and mentally damaging. By clearly outlining what belongs to whom, a prenuptial agreement ensures that each party retains their individual property, avoiding lengthy disputes over ownership.
What Are the Requirements?
When drafting a prenuptial agreement, it is essential to work with a reputable attorney to avoid common pitfalls. Everything in the agreement must be in writing, as no verbal agreements are considered legally binding. Both parties must voluntarily enter into the agreement, without any coercion or pressure, to ensure its validity.
Common Terms to Understand
A few common terms within premarital agreements include alimony, property rights, and elective share. Alimony refers to the spousal support that one party may need to provide after the divorce, while property rights clarify what assets are considered separate or marital property. Understanding these terms is crucial for ensuring the agreement meets both parties’ needs and provides clarity in the event of divorce.
What Do Prenuptial Agreements Not Cover?
It’s important to note that a prenuptial agreement cannot cover matters such as child support or child custody, as these issues are determined based on the child’s best interests. Additionally, anything illegal cannot be included in the agreement.
Mistakes to Avoid
Common mistakes when drafting a premarital agreement include using the same lawyer as your spouse or failing to disclose all assets and debts, which can invalidate the agreement. It’s also essential to avoid ambiguous language, as this can lead to misinterpretation during a divorce and potentially cause a judge to award assets unfairly.
Don’t Overlook This Opportunity
Understanding the benefits of a prenuptial agreement can help you decide if it’s right for you. If you are considering one, or if you have questions about divorces or premarital agreements, consulting with an experienced attorney is the best way to ensure everything is handled properly.
At Boyer Law Firm, we are dedicated to helping our clients navigate legal challenges and achieve the best outcomes. With decades of experience, we can guide you through the complexities of your case. Schedule a consultation today to learn more about how we can assist you.
