Prenuptial agreements have developed a reputation for exclusively applying to the rich and famous. In reality, many engaged couples could benefit from entering into a prenuptial agreement prior to marriage, which can help ensure both spouses are on the same page regarding financial issues. Some polls show that up to 40% of divorces are caused by financial concerns. A seasoned martial contract attorney can assist with developing these agreements so you start your marriage on the right foot
A prenuptial agreement can cover a variety of potential issues although they usually focus on financial issues. If a couple ultimately divorces, the terms of the prenuptial agreement could resolve issues like spousal support or property division. A Kernersville prenuptial agreements lawyer at Apple Payne Law can help you establish financial security during your impending marriage.
A prenuptial agreement is valid under state law if it is in writing and signed by each future spouse. These marital agreements are enforceable as long as they are entered into legally and without undue pressure or fraud. The failure of one future spouse to fully disclose their assets or debts could also render a prenuptial agreement invalid. A knowledgeable Kernersville attorney at Apple Payne Law can help ensure that the couple’s prenup meets all the requirements and will be upheld if challenged.
A prenuptial agreement is crafted with the rights and responsibilities of marriage in mind. Upon divorcing, the terms of these agreements could impact the rights a spouse would normally have enjoyed under the law. The ability to alter these rights and responsibilities is why it is vital to seek help from a competent attorney with Apple Payne Law when drafting a prenuptial contract.
Prenups often focus on each spouse’s right to certain property. These agreements could determine how property is divided during a divorce—even assets that may be obtained in the future during the marriage. A prenuptial agreement could also come into play with property issues following the death of a spouse or how contributions to the marital estate are handled from inheritances
Prenuptial agreements often are in place to protect closely-held businesses owned prior to the marriage upon divorce. Many family businesses could not survive the cost of litigation or being divided among spouses, so these agreements could ensure a business entity survives, regardless of the state of the marriage.
Alimony, or post separation spousal support, is another common issue that people decide in a prenup. These monthly payments are intended to support a spouse that was not financially independent during the course of the marriage. The terms of a prenuptial agreement could cap or waive the amount of spousal support owed by one spouse to another.
In addition to dividing assets, prenuptial agreements are also used to divide debts. This is especially common in cases where a spouse enters a marriage with substantial debt in their name or anticipates taking out substantial loans (such as student or business loans). These agreements could also set how marital debt is divided upon divorce.
Decisions regarding child custody and support are subject to change as children’s age, and must be made based on a child’s best interests.
If you are considering a prenuptial agreement before marriage, there is no time to delay. Drafting these agreements can take time, and waiting until the last minute could only make things more difficult as well as increase the likelihood of a future challenge based on duress
Let a Kernersville prenuptial agreements lawyer provide you and your future spouse with peace of mind regarding your financial circumstances. Call Apple Payne Law right away to learn more.