A prenuptial agreement, also known as a premarital agreement, is a legal contract that a couple signs before they get married that sets out how they will handle their assets and debts in the event of divorce or death. There are factors to consider in a Pre-Nuptial Agreement including:
Division of Assets
- A prenuptial agreement can determine how assets will be divided if the marriage ends in divorce. This includes property, investments, and any other assets the couple may have.
Division of Debts
- A prenuptial agreement can also determine how debts will be divided if the marriage ends in divorce. This includes credit card debt, mortgage debt, and any other debts the couple may have.
- A prenuptial agreement can also determine whether either spouse will receive spousal support in the event of divorce.
- If either spouse owns a business, a prenuptial agreement can outline how the business will be divided or valued in the event of a divorce.
- A prenuptial agreement can determine how inheritance will be divided in the event of a divorce.
- A prenuptial agreement can also include provisions for estate planning, including how property will be distributed upon the death of one or both spouses.
- Both parties should fully disclose their assets and liabilities before signing a prenuptial agreement. This includes disclosing all assets, debts, and income.
Independent Legal Counsel
- Each party should have their own independent legal counsel to review and negotiate the terms of the prenuptial agreement.
It is important to note that prenuptial agreements can be complex, and the laws governing them can vary from state to state. It is recommended to consult with an attorney who has experience in family law to help draft a prenuptial agreement that is fair, enforceable, and tailored to the specific needs of the couple. More about pre-nuptial agreements can be found here. Contact Austin Law to discuss specifics that are unique to your situation.