Marital agreements are a tool that is used to ensure that both spouses’ interests are protected before or during a marriage. Using a marital agreement can save time, money, and stress in the event that the marriage ends.
A pre-marriage agreement, prenuptial agreement, or prenup is a private contract between two people who are planning to get married. Prenups are most often employed by couples who have some amount of assets that they would like to protect in the event of a divorce.
A prenup is a financial tool designed to protect each person’s premarital assets. A prenup determines how assets will be divided in the event of a divorce. Prenups may include some conditions in which a partner forfeits their right to marital property, such as if a partner is unfaithful or abusive.
There is a type of contract known as a post-nuptial agreement that is signed after a couple has been married. This arrangement functions identically to a prenup, with the only meaningful difference being when it is signed.
A prenup has a wide range of potential costs from $1,000 to $10,000. The main factors that impact costs include the value of assets, whether an attorney is hired, the amount of debt each side has, and how complex the prenup is.
While there are some online tools and templates to create a prenup at home, it is recommended that a family law attorney be contacted. Whether they are used to draft the prenup or just to look over a pre-made one, family law attorneys can ensure that the prenup has all valid documentation and is legally binding in the way that the couple intended.
A prenup can be a useful tool for determining how assets should be divided in the event of a divorce. If both sides can agree on a prenup, it can save time and money in the event of a divorce as long as both parties agree to be bound by the terms of the agreement.
If you feel that your interests have been represented, and you have assets that you wish to protect in the event of a divorce, you should sign a prenuptial. However, before you sign any legal document, it is often helpful to have an attorney look it over.