When most couples get married, the last thing on their mind is the possibility that they will eventually get divorced. The reality is that no matter how well-intentioned the marriage is, every couple has struggles. Each year, thousands of couples file for divorce – some after just a few months of marriage, and others after decades of marriage.
While every marriage and divorce are different, there is one thing that all of them have in common – the intertwining of property and assets. That is why it is so often recommended that couples have a prenuptial agreement written up before marriage. In the event of a divorce, each spouse has some financial security and control over their futures.
Not sure where to start? A Washington, D.C. family lawyer can help.
What is a Prenuptial Agreement?
A prenuptial agreement, or prenup, is a contract between two individuals who are planning to get married. The primary purpose of a prenup is to address what will happen to property and assets if the couple divorces. For example, if one of you owns a home and the other owns a vacation house, which one of you will obtain ownership rights to each if you divorce?
But a prenup is far more than just managing who gets what property. It also addresses issues like:
- Separate assets and debts
- Marital assets and debts (those acquired by both spouses together)
- Details of property division
- Details of alimony terms
- Details regarding children from previous relationships
- Protections for each spouse from the other’s debts
Who Needs a Prenup?
Most often, when we hear the word “prenup” it is in a news story about a celebrity couple getting divorced. But the truth is that prenups are not just for the rich and famous. In fact, they are applicable to almost everyone. Some of the reasons why couples choose to have a prenup include:
- They want to establish what will happen to their property if they get divorced, but also if they were to die. If they have children from a previous relationship, a prenup can help ensure that they are provided for without any argument.
- Many couples simply want to clarify their financial rights and responsibilities. If one spouse has, for example, hefty student loan debt, the other spouse may want to make sure they aren’t responsible for repayment if they get divorced down the road.
- A prenup is useful for any couple that wants to avoid arguments or negotiations during a divorce. A prenup, property division, and many other aspects of divorce are already outlined, which makes the entire process more streamlined.
What Makes a Prenup Valid?
If you and your fiancé are considering having a prenup written up, you should contact a family lawyer to help. It is important to make sure that your documents are in order so that the court will consider them valid. In order to be legally valid, your prenup must be:
- In writing
- Signed by both parties without duress
- Signed before witnesses
- Signed only after both parties have time to consider the terms and discuss adjustments
The prenup also must contain only information that is complete and accurate. There must not be any illegal clauses or terms.
Getting Help With Prenup Questions:
If you and your fiancé are considering a prenup but aren’t sure if it is the right thing to do, you should contact a family lawyer for guidance. A family lawyer will review your situation together, and each of you as individuals, to determine if a prenup is advisable. If so, your lawyer can help you make sure it is properly drafted and legally valid.
Yes, it is difficult considering what would happen if you and your soon-to-be spouse decided to call it quits, but it is better to be prepared. Without making preparations, if you do get divorced, you could find yourself in the middle of a contentious battle over property, assets, or debts.
Read Also:
