16 Mar What Is A Prenuptial Agreement?
A prenuptial agreement, or premarital agreement (prenup), is a contract entered into prior to a marriage, civil union or any other contractual arrangement. It allows a couple to set the terms of property rights for their marriage.
Why should I get a Prenuptial Agreement?
Any couple who brings personal or business assets to the marriage can benefit from a prenup. The most basic of these contracts lists an inventory of premarital assets, that in the event of a divorce, will remain the property of their original owner.
Aside from wealth, prenups can also afford you from a wide variety of protections:
- Provide clarification on spousal support
- Specify business ownership
- Specify terms around infidelity
- Protect non marital assets
- Protect one party’s assets
- Protect a party from assuming the debts of the other party
- Determine how property will be passed upon death
- Clarify financial responsibilities during a marriage
- Avoid long, costly disputes in case of divorce
- Pass property to your children from a previous marriage upon death
What Happens If You Don’t Get a Prenuptial Agreement
Absent a prenup agreement, your state has a series of family laws that determine how property is handled during marriage and after marriage. In most states for instance, your spouse is entitled to:
- Share of property ownership acquired during the marriage, or in some cases before the marriage
- Receive property upon death or divorce
- Share in debts acquired during marriage – whether they were accumulated by both partners or just one
How to Create a Valid Prenuptial Agreement
Prenups were scrutinized by judges because they were traditionally used to protect the very wealthy individual from a partner of less financial means. The assumption was the spouse would marry to acquire the assets of their partner and then take advantage upon death or divorce. Today, prenuptial agreements, divorce, and remarriage are widely accepted.
Consult an Attorney Experienced with Prenups
If you or your partner are considering marriage, contact Jeffrey M. Bloom at 855-208-3650 for a consultation. Our law firm will help ensure that your prenup fits your needs and will stand up well against the test of time.