Are you considering getting a prenuptial agreement? In today’s blog post from The Law Offices of Ronald Kossack, we’re answering a few frequently asked questions about prenups and how to create a prenup. Before getting married, it’s important that you and your partner are on the same page about how you will share your finances, and a prenup may be necessary to protect both of you in case of a future divorce. Continue reading to learn more and if you have additional questions or would like help creating a prenuptial agreement, contact The Law Offices of Ronald Kossack in Tempe.
What is a prenuptial agreement?
A prenuptial agreement, or prenup, is a contract between two people who are about to get married. It is an official legal document and is written and signed. It typically lists all the property and debts that each person owns before marriage, and how those will be divided if the marriage is dissolved. Prenups are also sometimes called antenuptial agreements or premarital agreements.
In addition to assets and debts, prenups can also cover death, incapacity, estate planning, student debt, spousal support, and other legal issues. If you would like to know more about what can be included in a prenup, contact The Law Office of Ronald Kossack in Tempe.
Should I get a prenup?
There are many different reasons why people sign prenuptial agreements, but the main reason is to protect assets from distribution after a divorce. When a partner has a child from a prior marriage, it can also be important to support that child with marital income after the divorce. Marriage necessitates a combining of assets and finances, and the longer you’ve been married, the more non-marital assets become marital assets (which can then be divided during a divorce).
Are prenups just for wealthy people?
The easy answer to this question is no! Typically when people think of prenups, they think of a very wealthy person marrying into a family with less wealth and wanting to protect their assets. This isn’t the case anymore, and many millennial clients are actually hiring family law attorneys to protect them from being responsible for the other person’s debt. This also works both ways, and if you are burdened with large amounts of student debt, you can request a prenup to ensure that you are responsible for paying back these loans, not your partner.
What happens if I don’t get a prenup?
If you don’t get a prenup and end up divorcing your partner, you will need to come to an agreement about how to divide your assets in divorce mediation or through divorce court. Marriage is a legal contract between two people, and that contract comes with automatic property rights for each party. If you don’t have a prenuptial agreement in place, a spouse typically has the right to the following:
- Shared ownership of property acquired during the marriage
- Shared debts incurred during the course of the marriage
- Share in the management and control of any marital property (including the right to sell it)
If you’d like more specificity about what assets are shared in a marriage, and how a divorce will affect those assets, schedule an appointment with a family law attorney.
How do I create a prenup?
While you can find resources online for drafting a prenuptial agreement on your own, it’s best to contact a family law attorney to create a prenup. You should, though, have an extensive conversation with your partner about why you want a prenup and what it should cover before you meet with a family lawyer. Prenuptial agreements are becoming more common, and lawyers like Ronald Kossack are here to help guide you through the process of creating one that is clear and legally sound so that if you do need to use it, the courts will be more likely to find it valid.
Requirements for a valid prenuptial agreement:
In order for a prenup to be judged valid by the courts, it must include the following:
- Both parties voluntarily sign and execute the agreement
- Both parties engage in full disclosure of their respective financial situations before the document is signed
- Both parties must sign the contract in the presence of a notary
If any of these requirements are not met, your prenup may be rejected.
The Law Office of Ronald Kossack – Family Law Tempe
We are proud to represent clients in Tempe and the surrounding area, including Phoenix, Mesa, Chandler, Gilbert, and Ahwatukee. If you’re looking for a family law attorney to create a prenup or a divorce lawyer, we’d be more than happy to talk with you about your options and what we can do for you. We also focus on areas of prenuptial agreements, paternity, child custody, decision-making, child support, and modifications to existing court orders. Schedule a free consultation today.