When you are getting married, you may want to consider whether to enter into a prenuptial agreement to safeguard you, your money, and your assets. This potentially beneficial document is also sometimes the most misunderstood. Myths about prenuptial agreements can lead couples to dismiss the idea without considering the protection these documents can provide. This blog explores prenuptial agreements and how our attorneys at Lawrence Law can help you decide whether to enter into one.
A prenuptial agreement is a document a couple will create before marriage most often to detail how they will distribute assets in the event they divorce or when a spouse dies and to protect the separate assets of each spouse from becoming marital property. These agreements can also address whether there will be alimony or other support in the event of a divorce.
Not only does a prenuptial agreement protect separate assets, but it can also save valuable time and money in the divorce process. By addressing the distribution of assets and any possible support obligations, couples can avoid later having to work these out through litigation at the point of divorce, which can be a long, stressful and costly process.
A common myth about prenuptial agreements is that entering into one means that one or both parties are not really fully committed to staying in the marriage. However, the opposite is most often the case. In reality, a couple who signs a prenuptial agreement demonstrates the ability to communicate about uncomfortable topics and together resolve how to address them. It also indicates that they are on the same page in terms of finances. Prenuptial agreements can also address distribution of assets and the parties’ rights and obligations to each other in the event of death.
Another misconception about prenuptial agreements is the idea that only the spouse with the majority of assets will be protected. In some cases, prenuptial agreements can provide that the spouse with the majority of assets will provide financial support for the other party should they divorce.
If you and your significant other have decided that a prenuptial agreement is in your best interest, it is imperative to reach out to an experienced attorney to help you create one.
Parties who prepare prenuptial agreements without legal assistance run the risk of omitting important protections for themselves as well as provisions that are important to include in order to preserve the validity of the agreement. An experienced family lawyer will work with you to determine your goals and objectives for a prenuptial agreement and to prepare a document that accurately reflects what you want to accomplish.
At Lawrence Law, our dedicated legal team understands how complex and sensitive these agreements can be. As such, we will work with you to create a prenuptial agreement that protects you and your assets in the event of divorce, addresses future support and includes other issues that will be important to you in the event of death or divorce. Contact our firm today to discuss the details of your decision with a member of our team.