Who Needs Prenuptial Agreements?
- Author Darren Prenup
- Published August 2, 2011
- Word count 529
Many people ask the question, who needs a prenuptial agreement? A common misconception is that only wealthy individuals need a prenup or that they are only useful in times of divorce. However, in today’s day and age, with increasing financial sophistication and independence, a prenuptial agreement can benefit just about anyone – stay-at-home mothers, single parents, homeowners, business owners, professionals, and students. Also, they are extremely beneficial in ensuring estate plans work (regardless of divorce), such as ensuring a specific heirloom remains in the family.
In a very common example, if one spouse forgoes their job to stay at home and raise children, a prenuptial agreement can ensure that both parties share in such a financial decision (for instance, as raised alimony or a lump-some payment for lost income opportunity). It is highly recommended to engage the services of prenuptial attorneys in drafting and negotiating a custom prenup, especially because some state laws require both spouses to be represented by an attorney (or else the agreement is deemed void!).
Not only are prenups beneficial for just about anyone, they can address the most basic areas of married life, such as checking accounts, pre-existing debt, and car payments. They are also very beneficial when one spouse is expecting a rapid change in income based on their premarital efforts, such as attending medical school. On the other hand, they can be very useful when one spouse intends to incur a large amount of debt (e.g., business expense, graduate school enrollment, or car loan) and would like to protect the other spouse from sharing in the debt obligation.
Many individuals who own a residence obtain a prenup – and prenuptial attorneys usually always recommend a prenuptial agreement in such a situation. A prenup can ensure that the house remains the separate property of the individual who owned the house prior to the marriage. Also, the agreement can provide that after a certain duration of marriage (such as 5 years), the house becomes "community property," or marital property. A prenup can even spell out which party may remain in the residence in the event of separation.
Understand that for a prenup to be enforceable, it must be "fair and reasonable" as adjudged by a competent court of law. Therefore, the parties are protected in that a prenuptial agreement can’t be completely one-sided or drafted to leave the other spouse with no assets. Any attempt to structure an agreement as one-sided will likely send one spouse running to the hills, and if not, it will likely be deemed null and void by a judge at the time of enforcement.
Because of the complexity of state law and the vast areas a prenup can encompass, it is critical to engage sophisticated prenuptial attorneys. For example, if the parties alter alimony in their prenuptial agreement, California law requires both parties to be represented by attorneys. Moreover, many states impose a "holding period" between the time the prenup is finalized and the time the parties execute the agreement – an experienced attorney can advise of these critical procedures. Remember, the costs of a divorce attorney can be dozens of times more expensive than engaging an experienced prenuptial attorney.
We are sensitive to the complexities of a prenup agreement and are excited to simplify the process for you. We are a team of experienced and dedicated prenuptial attorneys helping people draft their prenup. For more information about prenuptial agreement, visit http://www.aprenuptialagreement.net
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Why Foreclosure Defense Matters
- How an Okatie Car Accident Lawyer Can Help with a Hit-and-Run Case
- Content Analysis: Uncovering the Hidden Meaning
- criminal defense attorney irvine
- 7 Mistakes to Avoid When Hiring a Personal Injury Lawyer in Clearfield
- 10 Signs You Need a Personal Injury Lawyer in Rockford
- Why You Should Hire a Personal Injury Lawyer in Tampa After an Accident
- Canada’s Regions Blocking Low-Wage LMIAs
- How the IRS Is Changing and Why You Need a Tax Attorney Now More Than Ever
- When to Call a Car Accident Lawyer in San Antonio After a Wreck
- What to Expect During Your First Consultation With a New Haven Personal Injury Lawyer
- How a Waterbury Auto Accident Lawyer Can Maximize Your Settlement
- Contracts That Win: Why Legal Precision Is Key to Business Success
- How the IRS Is Cracking Down on Tax Debt (And What You Can Do About It)
- Top Questions to Ask a Carmel Personal Injury Lawyer During Your Consultation
- Treasury Department Drastically Narrows Corporate Transparency Act Requirements
- NFPA 96 Compliance and Hood Cleaning: Captive Aire Hood vs. Accurex Hoods, Greenheck Systems
- Future First Criminal Law
- Breaking News: FinCEN Pauses Corporate Transparency Act Enforcement
- Popcat Coin Price Prediction: 2025, 2030, and the Next Bull Run
- What to Expect When Hiring an Oakland-Based Auto Accident Attorney
- How Hartford Injury Attorneys Help After a Truck Accident
- How Federal Legislation Could Impact Michigan's Online Poker
- How a Criminal Lawyer in Ann Arbor Can Protect Your Rights
- Benefits of Remote Online Notarization for Individuals and Businesses
- The Benefits of Using A Mobile Notary Service: Convenience, Flexibility, and Choice
- Top 10 Most Common Notarized Documents You Need to Know
- 5 Ways to Find Affordable Notary Services Near You
- Why Bangladesh Needs the ACNCC Now?
- How a Calgary Personal Injury Lawyer Can Maximize Your Compensation