Two Attorneys Are Needed to Write a Prenuptial Agreement
Prenuptial agreements are legal contracts describing how your assets and debts will be divided in the event of a divorce. The terms of the agreement can include a wide range of financial topics, from alimony in the event of divorce to how much you are responsible for if you have a mortgage or other debts. The importance of hiring an attorney to draft a prenuptial agreement cannot be overstated.
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Two attorneys are needed.
It may sound like two attorneys are needed to write a prenuptial agreement, but that is not necessarily the case. A prenuptial agreement is an important financial planning document. You should start by identifying your assets and contacting a lawyer specializing in matrimonial law. It is also wise to seek financial and accounting advice. You should also ensure that you have a written engagement agreement with your attorney.
Before you get married, you should update your Will and Power of Attorney. It is also important to update your Living Will and Power of Attorney. This is because these legal documents can be scrutinized by a divorce court. Without legal counsel, there is a high risk that a prenuptial agreement could be found invalid. Having an experienced divorce attorney review your contract can ensure its validity.
The best way to avoid having a prenuptial agreement thrown out is to have both parties sign it. If possible, sign it in front of a witness. Some attorneys recommend that the parties sign in front of a judge, which prevents any later claim that the prenuptial agreement was coerced. Moreover, the prenuptial agreement should be in a recordable format.
They’re not just for wealthy couples
While prenuptial agreements are typically associated with the most financially successful couples, they can also be helpful for couples of all income levels. They are enforceable in court and can help protect the assets of one party in the event of divorce. Before getting married, contact an experienced family law attorney to learn more about how a prenup can protect your interests and assets.
While Kim Kardashian may not be held up as a role model for prudent behavior, her recent engagement to NBA forward Kris Humphries proves that a prenup can be beneficial for the average person as well. Whether you’re an athlete, a college student, or a nursing student, a prenup is a valuable document that can help protect your family’s assets and prevent your spouse from destroying them in the event of divorce.
A prenuptial agreement can help protect your future spouse from inheriting your debts. It also helps protect your home from being regarded as marital property. For this reason, even solo homeowners should consider a prenup. The agreement will help ensure that your home doesn’t become marital property and that your new spouse doesn’t lay claim to it in the event of divorce.
They protect both spouses from ruin if the marriage ends in divorce
Prenuptial agreements are a good idea for couples who want to protect both their financial futures if the marriage ends in divorce. They can address issues such as how to divide the assets of both parties or how to divide the debt incurred prior to the marriage. These agreements can also clarify whether or not spousal support will be provided after the marriage, if at all.
Prenuptial agreements should clearly state what is considered marital and separate property. For example, if one spouse has poor credit habits, a prenuptial agreement can help protect the higher-earning spouse from having to shoulder the debts of the less-income spouse. Additionally, a prenup can protect the spouse who is not rich enough to support himself and his children.
Prenuptial agreements can also protect the interests of children from previous relationships. Similarly, prenuptial agreements can protect a couple’s children from being disinherited.