A prenuptial agreement is said to be a legal contract where the couple will agree to who will own what when married. Having a prenup will prevent a contested divorce. A contested divorce is when the couple can’t agree upon how to distribute the assets. Contested divorces are a lot more expensive than uncontested divorces because they require a lawyer. For more information on the prenuptial agreements visit theprenups.co.uk.
Many are the reasons as to why a bride and groom would choose to sign a prenuptial agreement. For instance, either person could have a lot of debt, a lot of assets, children from previous relationships, or drastically different incomes. Whatever the case may be, a couple that decides they need a prenuptial agreement must seek professional legal help. They need to hire an experienced lawyer to write the prenuptial agreement to make it legal and binding.
What do You need to Know About Prenuptial Agreements?
Even though prenuptial agreements get a really bad rap, they’re vital documents that protect both people about to enter into marriage. It’s all about your approach. By having a calm and logical conversation before pulling out any documents, you stand a much better chance of keeping things civil and pleasant.
Agreements do not last long
Prenuptial agreements do not have to last forever. You can add a ‘sunset clause,’ which is a specified period where prenup is invalid. For example, some couples may add a sunset clause which states that the prenup becomes invalid after having a child. Although sunset clauses vary in different states, if you choose to ignore it, then your state may void your prenup.
In the US five requirements must be met for prenuptial agreements to be binding. Every prenup must be written. It must be signed voluntarily and performed before a notary.
Couples who have significant assets go on to agree that a prenuptial agreement is important and also beneficial when it comes to keeping those assets divided. If there is the dissolution of marriage, those assets would be protected under the prenup.
Protecting assets for children
Another couple who tends to agree that prenuptial agreements are beneficial is those that want to protect assets for their children. In a contested divorce, lawyers fight over who gets what, and ultimately the probate court decides the outcome. With a prenup, you can prevent all that. If you live together without getting married, you will want a cohabitation agreement. It’s ideal to decide who contributes to and claims property before you purchase things as opposed to a while later.