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Do You Need a Premarital (Prenuptial) Agreement?

A premarital (prenuptial) agreement is a binding contract between two people who are planning to marry.  It speaks to the end of the marriage and outlines the rights of each party in the case of a divorce or death.  In other words, it covers who gets what if the marriage dissolves.

Who needs a prenuptial agreement?  Not everyone.  If you are just starting out in life and do not have any assets, such as a business or investments, then it's hard to predict what you will have when the marriage ends.  

If, however, you come into the marriage with a house or other assets, then it is a good idea to put into writing what the spouse will receive when the marriage dissolves.  For example, if you enter the marriage owning a business, will your partner receive part of the business if you divorce?  If you'd rather not have that happen, a prenuptial agreement can ensure that your spouse not receive any part of the assets you brought into the marriage.

There are some guidelines that need to be followed to ensure that the premarital agreement holds up in court when the time comes.  First, it must be in writing, not just a verbal agreement.  Secondly, both parties must have made a full and fair disclosure concerning all their assets.  If that was not done, the agreement will not be considered valid.   Lastly, each party should be represented by a lawyer, but not the same lawyer, when entering into the agreement so that neither can claim that they did not understand it when they signed it.

To ensure that the premarital agreement is legal and binding, it will need to be drawn up by an attorney and reviewed by an attorney for each party.

 

 

 

 

 

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Prenuptial agreements are a smart idea and good insurance for anyone planning to wed.  We'll put you in touch with a local, affordable family law attorney to ensure that you get the best prenup possible so that your legal rights are protected.

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