Is a Prenuptial Agreement Right for You?
A lot of aspects of planning for marriage are exciting, romantic and exhilarating. What may not be nearly as fun, however, is discussing a prenuptial agreement
The good news is that because these agreements have become more commonplace it is much easier to broach this important subject. But should you enter into a prenuptial agreement? Do you even need one?
Why a Prenuptial Agreement May Be Right for You
A prenuptial agreement allows both spouses to separate their property and protect it in the event that they choose to end their relationship. They also allow both parties to distinguish what is agreed as being marital property and what is community property.
These two things can bring about a number of benefits, including:
Less conflict during divorce
Being able to avoid lengthy court proceedings (which reduces the expense of the divorce)
Assigning debt to the appropriate spouse (this can help you avoid debt liability)
Prenuptial agreements help couples get on the same page before they walk down the aisle and commit their lives to one another. Even if you do not agree on a prenuptial agreement, discussing the issues involved in a prenup can benefit your relationship.
What a Prenuptial Agreement Cannot Do
This type of agreement cannot predict the future, and many couples do not have the answers to one or more of the issues which will be brought up in this type of agreement. If the timing is not right, a family law attorney may be able to help you with a “postnup” after you are married.
A prenuptial agreement also cannot determine child custody or child support, and it cannot include personal preferences. The intention is to address financial-based issues and not private domestic matters.
How to Determine If a Prenuptial Agreement Is Necessary
At Whitmarsh Family Law, PC we offer complimentary initial consultations to those who are interested in a prenuptial agreement yet may not be sure if it is right for them. Some issues to consider include:
If you own real estate
If you have over $50,000 in assets
If you own part of a businesses
If you earn more than $100,000 annually
If you have employment benefits (i.e. profit sharing or stock options)
The family law attorneys at Whitmarsh Family Law, PC will go through the prenuptial agreement process with you and will provide you with the guidance and clarity you need to ensure that your rights are protected.
To speak with one of our expert family law attorneys today, please call (310) 552-3505.