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 financial concerns are the main cause of up to 40% of divorces. A Kernersville prenup lawyer can assist with developing these agreements, so you start your marriage on the right foot
A prenuptial agreement can cover various potential issues, although they usually focus on financial issues. If a couple ultimately divorces, the prenuptial agreement terms 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 seeking help from a competent attorney with Apple Payne Law is vital 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 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 be 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 people decide in a prenup. These monthly payments are intended to support a spouse that was not financially independent during 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 age and must be made based on a child’s best interests.
Unlike a prenuptial agreement, which is signed before the marriage, a postnuptial agreement is signed during the marriage. The purpose of a postnup is similar to that of a prenup in that it aims to outline the division of assets and liabilities in the event of a divorce or separation. However, a postnup can also address issues that may arise during the marriage, such as paying bills, dividing household chores, and spousal support.
There is no time to delay if you are considering a prenuptial agreement before marriage. 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 give you and your future spouse peace of mind regarding your financial circumstances. Call Apple Payne Law right away to learn more.
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