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If you are planning to get married, one of the issues that you need to consider is whether to enter into a prenuptial agreement. The decision to get into this agreement will vary depending on your circumstances. Here are some of the frequently asked questions regarding prenupts to help you determine whether or not you need one.
A prenuptial contract is an agreement that couples enter into before they get married. A prenuptial contract states how income and assets are to be distributed in the event of a divorce, separation, or the death of one of the spouses.
A prenuptial agreement is meant to secure each spouse’s property when their marriage ends. It also distinguishes between separate property and marriage property.
Prenuptials are typically used by couples that do not want the court to decide how property is distributed after a marriage ends. Initially, prenuptial contracts were common among individuals who were getting married for the second time. A prenuptial helped preserve the assets of a previous marriage for the children from that relationship. Prenuptials are used for this reason up to date.
The other reason why prenuptials are popular is because couples are marrying in their prime. This means by the time a person reaches their prime they have accumulated significant assets or property. Couples who marry later in life enter into prenuptials to protect their property after they get separated or divorced.
Any kind of property can be included in a prenuptial agreement. This includes personal belongings, business ownerships, stocks, checking accounts, automobiles, and homes. In many states, spousal support agreements are not allowed in prenuptial contracts. Some agreements include a clause where both parties declare that they waive their right to the payment of spousal support.
Being Able to Document Separate Property
In prenuptials, couples can document the personal property they obtained before the marriage. This helps couples separate their personal property from divorce proceedings.
A prenuptial agreement is a safety blanket against your property in the event of a divorce, settlement, or your own death. This contract is ideal if you have significant assets that you wish to protect before you get married. Prenuptials help set the record straight with regards to property ownership, debt liability, and other pertinent issues that may arise during a divorce. Before you consider getting a prenuptial arrangement, it is advisable to consult a family law attorney.