Over time, pre-marital agreements have become an important component of many relationships. The term pre-marital agreement refers to a written contract drawn up by two people in anticipation of marriage. Other commonly used terms for "pre-marital" agreement are "prenuptual" agreement or a "prenup" for short. Usually, in a prenuptual agreement the marital and premarital property of each person is defined as well as any marital and premarital debts that one or both of the individuals may owe. Each person's property rights after the marriage in the marital and premarital property of the other is specified in the agreement, including appreciation of assets during the marriage, and ownership of retirement account.
People often think that a prenuptual agreement is only necessary for the most affluent of individuals, but this is certainly not the case. A pre-marital agreement allows any couple to define their financial and marital rights. Whether the couple has children or substantial financial assets, it doesn't matter. This type of contract can be created simply so the couple knows where they stand financially and what responsibilities each has in the marriage. Other than this, pre-marital agreements are created in an effort to minimize the disagreements and confusion that may arise in the case of a divorce. This agreement will specify exactly how the property will be divided, it will define marital and non marital property, and may specify if either spouse will get alimony in case of a divorce.
Remember, each couple is different and has their own unique needs and situations they are dealing with. If you're considering the use of a pre-marital agreement, an experienced family law attorney can help you through the process. There are many vital factors that may be overlooked without the knowledge and experience of a trained professional in these matters. Putting together a prenup may feel overwhelming at first but with an experienced family law attorney, it doesn't have to be. . Call Scott and Fenderson to discuss your family law needs today.