The Purpose of a Prenuptial Agreement
Prenuptial agreements, often referred to as a “prenup,” allow engaged parties to pre-determine the division of assets, both marital and non-marital, and their debts should a marriage end. All 50 states accept prenups, however, they interpret them differently. Although splitting assets before marriage might seem unromantic or even like a bad omen, a prenuptial agreement can save time and money in the event of a marriage coming to an end.
Prenuptial agreements come with a stigma, but it can be the right decision for many. Prenups spell out exactly who gets what if a party divorces, leaving significantly fewer financial issues for the Court to decide during a divorce proceeding. Learn more about prenuptial agreements and if they are the right decision for your marriage.
The Difference Between a Prenuptial and Postnuptial Agreement
The key difference between a prenuptial and postnuptial agreement is all about timing. A prenuptial agreement is signed before a couple is married. On the other hand, a postnuptial agreement is signed after the wedding.
Additionally, prenuptial agreements are enforceable by all states. Postnuptial agreements, however, are only enforceable if they meet certain criteria. Postnuptial agreements must be written, signed, fair, and the information must be disclosed fully.
When to Consider a Prenup
Many people assume prenups are only for people that have lots of money or assets, but that is not necessarily the case. Prenuptial agreements can be beneficial for those that have large amounts of assets, but they can also assist those that:
- have retirement assets pre-existing the marriage, or plan to contribute to them during the marriage,
- have been divorced before,
- have children from a previous marriage,
- have concerns about their partner’s debts,
- have stake in family assets or business,
- fully or partially own a business.
How to Get a Prenup
As previously mentioned, many are uncomfortable with the idea of a prenuptial agreement. Therefore, it is essential to have an open and honest conversation with your partner before a decision is made. Once a couple decides on a prenuptial agreement, the next step is to find a lawyer near you. After finding the right lawyer, the typical steps to prepare a prenup include:
- gather financial information,
- determine goals of the agreement,
- draft and negotiate,
- review and execute the final prenuptial agreement.
Prenuptial Agreement Lawyer
Choosing the right lawyer can make a world of difference when drafting a prenuptial agreement, which is why the Strieker Law Firm takes a modern approach to family law. If you are considering a prenuptial or postnuptial agreement, Kristen and her team of experienced lawyers can help you. Contact us today to determine if a prenup is right for your marriage.