Prenuptial Agreement Contract
A prenuptial agreement, antenuptial agreement, or premarital agreement, commonly abbreviated to prenup or prenupt, is a contract entered into before marriage, civil union or any other agreement prior to marriage. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery; further conditions of guardianship may be included as well.
A prenuptial agreement can clarify the financial rights and responsibilities of each party during the marriage and the distribution of property in the case of divorce or death. Prenups can protect spouses from each other's debts. They can also spell out how one spouse's property can be passed on to children from a previous marriage. In addition, a prenuptial agreement can indicate whether one of the parties is to receive alimony.
Reasons Why You Should Get A Prenuptial Agreement:
- Financial matters need to be faced.
- Prenuptial agreements can preserve family ties and inheritance.
- The financial well-being of children from a previous marriage can be protected.
- Personal and business assets accumulated before your marriage are protected.
- A prenup puts financial expectations out on the table before your wedding.
- Debt protection (keep debts separate) - debts created before marriage (loans, for example) as well as those afterwards (business debt guarantees, for example).
- A prenuptial marriage agreement spells out which assets a spouse may want to give to children or other family members in the event of death.
- In the event of a divorce, a prenuptial agreement eliminates battles over assets and finances.
For the prenuptial agreement to be considered valid, the couple is required to complete a formal agreement in the form of a written document. It should be made of their own free will and without coercion by another. It is recommended that a couple completes and signs their prenuptial agreement 30 days or more before their marriage ceremony. If the prospective husband or wife was pressured or rushed into signing the prenuptial agreement, it can be ruled void and inadmissible in a divorce proceeding. The couple is required to declare all of their assets and liabilities in their prenuptial agreement too. Though there is no dispute existing between them, it is recommended that both parties have the final prenuptial agreement reviewed by independent attorneys to make sure that the terms of the prenuptial agreement are reasonable and enforceable under state laws. Then the prenuptial agreement must be signed by the prospective husband and wife. Their signing of the prenuptial agreement must also be witnessed by two persons who then also sign the agreement.
Prenuptial agreement can also lessen the conflicts when the marriage ends in divorce. Those couples who have gone through a divorce having a prenuptial agreement will attest that it is less expensive for both of the parties since there are fewer conflicts while in the process of dissolving their marriage.
Couples obtain a prenuptial agreement for various reasons. The most obvious is handing the disparity in assets each partner is bringing into the marriage. Another important one, is the one bringing children into the marriage want to preserve their assets both in the cases of divorce or even death. It is always better to discuss signing prenuptial agreement at time when both parties have the other's interest at heart and not a time of conflict.