Couples who are preparing to get married are likely in a happy place and do not want to think about any problems that could arise in the future. For this reason, people often do not get a prenuptial agreement. For many, the thought of bringing up a prenup can be challenging and therefore, the vast majority of couples do not create prenuptial agreements, even when they should. A prenuptial agreement does not mean that you think the relationship will fail. Instead, it provides protection and guidance for both parties in case of a problem. A prenup is like an insurance policy for marriages. You hope you do not have to use it, but it will be helpful if you do.
What is the Purpose of a Prenup?
A prenup is an agreement between parties that provides for how the various settlement terms of a divorce will be handled. The document is particularly necessary for those who already have property and other assets when they enter a marriage. The prenup will give couples a way to agreeably distribute their belongings and will give them a roadmap for how to handle the various issues that arise during divorce. A prenup can streamline the divorce process and ensure that it is fair to both parties because they already agreed to the terms. A prenup can also have a sunset clause, which effectively ends the agreement once the couple is married for a certain length of time.
What to Include in a Prenuptial Agreement
A prenup agreement is a legal contract between two parties. Everyone can benefit from a prenup, not just those who come into a marriage with property or wealth. You can include almost anything you want into a prenuptial agreement. The more detailed you make the document, the better it will help in a divorce. The prenup should address all of the basic settlement terms of a typical divorce.
The document should include how to distribute money that each party made during the marriage. It should provide a distinction between marital and separate property and offer any waivers of alimony rights if applicable. You can also provide for issues regarding children from previous marriages or relationships. The document can even include what to do about specific property, such as pets.
What is a Postnup?
If you did not put a prenup in place before you got married, do not worry. You can create a postnuptial agreement after you are wed. The postnuptial agreement is effectively the same as a prenup except that it is put in place following the wedding. The main advantage of a postnup is that couples can make agreements as to the distribution of assets and many other matters while they are still able to communicate well with each other. The postnup will give you and your spouse a way to amicably end your marriage if you are no longer able to stay married.
Whether you want to put a prenup or postnup in place, the first step is to seek help from an experienced family law attorney. Contact our skilled legal team at Henderson Legal Group to schedule a consultation today.