One of the more contentious pieces of legal action related to the field of family law is the prenuptial agreement. Often times, this document is seen as a burden or a way of hedging a bet against a bleak future. Though that reputation has a reason to exist, there are other aspects of a prenuptial agreement that should be considered.
A prenup gives direction for how assets are acquired and how they are to be distributed in the even of a divorce. These set legal precedents in case of unforeseen issues outside of the marriage. In the event the marriage is challenged, it protects both parties during the challenge period. In cases of injury or death, a prenup can also be used in place of a will in some aspects of estate planning and probate.
Regardless of your reason to get a prenuptial agreement started, make sure you enter into such an agreement with representation. As with any legal document, undertaking the matter on you won leaves room for abuses and mistakes. Nobody wants to sign away their time because of a misunderstanding.
Trust Crawford and Doyle to work with you and your spouse to be to create ironclad documents that protect all parties involved. One of the most important reason to hire a lawyer when engaging in a prenup is to spot troubling language and clauses that place your property in danger.
Anyone entering into a second marriage has enough experience to be thinking of a prenuptial agreement if only out of caution. That said, the more important reason is to prevent assets and property acquired during the first marriage in conflict with the second.
Of special importance is protecting children acquired during a previous marriage. You don’t want to risk assets granted to them from a previous spouse getting lost in a new marriage or shifted to other children.
Debt acquired during a marriage belongs equally to both participants unless otherwise noted. One thing people forget when starting a marriage is that debt acquired prior to the marriage has a habit of expanding and creating new debt. A prenup protects you from facing issues with debt complications.
The inverse is also true, investments and property that gain in value can be specifically limited to one partner or split in other ways.
Prenuptial agreements are designed to be individually tailored. Little boilerplate language is used as individuals have unique concerns. With fewer people being part of or creating traditional nuclear families, getting individualized language at the outset helps everyone to understand the stakes of a marriage, which helps spot trouble areas early on.
In this day and age, those with an entrepreneurial spirit should look into a prenup to protect the family unit from financial sinkholes. As finances and assets of the individual are increasingly turning into business assets, it’s important to demarcate each to protect the family.
A prenuptial agreement is a contact, and like any contract, it is best engaged in with full knowledge and willingly. Talk to us at 702-706-3323 if you have concerns regarding a proposed prenup or are looking to establish one yourself.