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Everything You Need to Know About Prenuptial Agreements

Prenuptial Agreement

Many people may think that prenups are only necessary when one partner has significant assets, but that is not always the case. Prenups describe a legal agreement between two people who plan to get married, outlining how they would like their assets to be divided in the event of a divorce. It's essential to conduct proper research and plan to ensure that your prenuptial agreement covers all bases.

What is a Prenuptial Agreement?

A prenuptial agreement, or a prenup, is a legally binding contract signed before a couple’s marriage. Prenups define how a couple’s assets and finances should be divided if they divorce. Prenups can cover property, debt, and other assets that partners bring into the marriage. In most cases, prenups can also address spousal support or alimony. Still, it's essential to note that agreements regarding the division of children's support or custody are not admissible in court.

Who Needs a Prenuptial Agreement?

Prenups can be helpful for couples who come into a marriage with their assets or if one partner has more assets than the other. Let's say you own a property or run a business before getting married; prenups can protect your assets legally. However, a couple is also thinking of creating a prenup to ensure that neither partner's financial burden can cause problems in the future. Whether or not to create a prenup is a personal decision, but it is worth considering if you have concerns about finances.

How to Create a Prenuptial Agreement?

The first step is to consult a family law attorney in your state. The lawyer can provide legal advice and draft the prenup according to the state’s requirements. There is a specific format for creating prenups, depending on the state. The couple must disclose all of their assets, debts, property, and income to each other, and if such information is not disclosed, the contract's validity may be challenged. Full disclosure of assets will also enable the couple to create a prenuptial agreement based on accurate financial information. Finally, both parties must sign the legal contract, which should also be notarized.

Pros and Cons of Prenuptial Agreements

One of the significant benefits of prenups is that they protect your property, enabling you to keep your assets separate, even if you are married. Another advantage of prenups is that they can prevent disagreements about finances and assets in divorce. In addition, prenuptial agreements may protect both partners from each other’s premarital debt. However, prenuptial agreements can not protect you from changes to the country's law or how a judge interprets information. Furthermore, if you agree to pay spousal support or alimony, a judge can still modify it based on the needs of the receiving party.

Charlotte Family Law Attorneys

If you are considering a prenuptial agreement or have questions about an existing one, the experienced family law attorneys at Blood Law, PLLC in Waxhaw, NC, can provide the guidance and representation you need. Contact us today at (704) 286-0570 to schedule a consultation.