Before you get married, you and your soon-to-be spouse may have discussed a prenup. These agreements are used for different reasons. Here is what you need to know about prenuptial agreements and the role they play in a divorce.
What Is a Prenup?
A prenup, also referred to as an antenuptial agreement or premarital agreement, is a contract you and your future spouse can sign before you get married to sort out your finances in the event you get a divorce.
When Is a Prenup Needed?
Contrary to the popular belief of many people, prenups are not solely beneficial for wealthy couples. A prenuptial agreement can be beneficial in different situations.
Handing Down Separate Property to a Child from a Previous Marriage
With a prenup in place, you can leave property to your children from a previous marriage and also provide for your spouse if you pass away. If you pass away without a prenuptial agreement, your surviving spouse may have full rights to your property and other assets.
Clarifying Financial Rights
A prenup can be a great tool to use to establish financial responsibility. Whether you have children or not or have tons of assets or not, you may want to use this agreement to clarify financial rights and responsibilities during your marriage.
Avoiding Friction During Divorce
Prenups can help you avoid arguments in the case of divorce. A prenuptial agreement can help by specifying in advance how your property and other assets are divided and if either spouse will receive alimony. In most states, giving up alimony is frowned upon and will not be heard if the spouse who is giving up alimony does not have a lawyer.
Debt Protection
You can also use a prenup to protect yourself from your spouse’s debt and vice versa. You may have the option to address similar issues in the terms of the prenuptial agreement.
What Factors Are Considered When Signing a Prenup?
Children
Prenuptial agreements can help when you do or don’t have children. If you do have children, the prenup can establish the assets you would like to leave your children, including children from a previous marriage in the event of your passing. If you don’t have children, a prenup can help set guidelines for your future children, such as how your children will be educated, which religion, if any, your children will follow, and how you and your spouse intend to contribute to your children’s college fund.
Previous Marriage
When it comes to a previous marriage, a prenup helps with laying down the guidelines of who gets what if you pass away, such as children from a previous marriage. This agreement allows you to state which assets your children will receive and how to proceed in the event of your passing.
Income
If you divorce your spouse, alimony can be discussed. A prenup can include alimony, how much money you pay to support your spouse after divorce. In most of these situations, the spouse who makes the most money pays alimony to the spouse who makes less money.
Inheritance
As far as inheritance is concerned, the law protects the rights of the surviving spouse, so they are not left with nothing. Prenuptial agreements overrule state property laws.
Learning More about Prenups
If you want to learn more about prenups and if it’s right for you, contact Bergman Family Law. I’m more than happy to help! Bergman Family Law is dedicated to helping you find the best legal solution for your situation.
