A prenup is an abbreviation for a prenuptial agreement. In definition, it is an agreement you and your spouse create when you want to protect your individual and joint interests before marriage. You should know that you can have as many conditions as you want in the agreement as long as they are legal. More so, a family lawyer can help you understand the law governing this document's creation to allow an easier process. Here are three elements that the agreement should have.
Disclosing Assets, Debts, and Financial Obligations
It is not wise to get married to someone without understanding their financial profile. This is because people present the best versions of themselves during the dating period only to surprise you after marriage. Given this, an accurate picture of their financial status and legal documents is advisable. In this case, a prenuptial agreement is your best chance of discovering your spouse's present state and projections for the future. More so, a family lawyer can help you go through all the key things you need to know about a partner. This will help you avoid making mistakes that could compromise your financial growth.
Waiving the Default Law in Divorce
Every state has a set of laws governing how couples split their property after a divorce. In community states, all your assets as a couple are shared equally in case you file for divorce. That said, this can be unfair to the spouse who brought their wealth into the marriage or played a major role in creating it. Hence, it is best to have a prenup because it nullifies the state laws and governs how to handle the sharing of resources. As such, a family attorney can help you create clauses stipulating how your partner will get compensated. In most cases, this will be according to their contribution before and during the marriage.
Dealing with the Death of a Spouse
Death is another complicated issue when it comes to family partnerships. In addition, most avoid this discussion because it seems like a faraway reality for newlyweds. However, failure to speak up and agree on how you would like the surviving partner to handle wealth in the event of death has its implications. For example, extended family members may want a share of your wealth. To avoid this, a family lawyer can help you create a prenup that acts as a type of will. This way, you can give clear instructions on what happens to your property when you are gone.
Given the countless benefits of a prenup, speak to a family attorney and find out how they can help you create the agreement. This way, you will have an easier time eliminating all issues arising after separation.
Consult a family attorney to learn more.Share