Legal Law Order Personal Injury What You Need to Know About Prenuptial Agreements

What You Need to Know About Prenuptial Agreements

In today, prenuptial agreements, or “prenups” as often called, are a very common topic of discussion for couples dating or about to tie the knot. This is a welcome improvement simply because it has somewhat been overlooked in the past, seeing as for some, it could be perceived as a sign of distrust and an absence of true love in a relationship. People are however now aware of the wider scope of things. There are quite a number of benefits that a prenup could contribute to a healthy marriage. In this article, the importance of prenuptial agreements is discussed as well as how you can get one done.

Firstly, what is a prenuptial agreement? A prenup is a contract or private agreement signed by a couple prior to them getting married. This lays the foundation for how the couple’s assets will be allocated in the event of a separation or untimely death. Over time, relationships and marriages evolve, and there are many reasons why a couple could potentially divorce, including infidelity, financial issues, or even domestic abuse, in which case victims are always advised to seek help or speak with injury attorneys as soon as possible.

It is important to note that for a prenuptial agreement to be considered, it must be valid and legal, therefore, it is recommended that each party consults a lawyer to prepare a suitable contract. As part of the process of preparing a prenup contract, both parties have to declare their assets to their prospective spouse. Couples are at liberty to choose what assets they wish to declare as marital property as well as any other arrangements they want to be made. These contracts are made to be mutually beneficial so one should leave no stone unturned. Couples are allowed to decide on all sorts of assets, from businesses to expensive jewelry to real estate, you name it. One thing to note is that children are not considered assets by law, hence, a prenup will not cover rights to own a child, custody arrangements will have to be decided in court.

There have been many instances of married couples getting a divorce without having a prenuptial agreement in place, these cases as one may presume, end up constituting a more complex divorce process that could go on for a long time, and chances are, at least one party will be left with the short end of the stick. Needless to say, if you do find yourself in a marriage with regrets from not getting a prenup, all hope is not lost because the option of a postnuptial agreement is still on the table. Just like a prenup, a postnuptial contract is also signed by both parties, the only difference is that a postnuptial is signed after the marriage, it may also be a little harder to enforce given the circumstances, nevertheless, it remains a very good lifeline.

Currently, prenups are mostly common with celebrities and high-profile individuals, they should however be considered by everyone going into a commitment such as marriage. We as a society should perhaps think of it as a sort of insurance, because, just like the old saying goes “it is better to be safe than sorry”.

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