What Is a Prenuptial Marital Relationship Contract?
Are prenuptial marital relationship agreements a death knell for romance? Or are prenuptial arrangements useful options to dealing with the bothersome topic of finances in a marriage?
More and more couples are signing prenuptial marriage contracts prior to they marry. These are not just couples dealing with monetary inequality, or couples who have a lot of wealth.
A prenuptial marital relationship agreement is a signed and notarized contract that define how a couple will deal with the monetary aspects of their marriage. Although not extremely romantic, having this sincere financial discussion prior to a wedding can be a really positive experience.
According to the website FindLaw.com, "Premarital contracts (likewise called prenuptial agreements or "prenups") are a common legal action taken prior to marital relationship. A prenup establishes the residential or commercial property and monetary rights of each partner in case of a divorce. So while no one is thinking of a divorce when they get married, about half of all marriages in America wind up in divorce procedures. It's frequently sensible to at least think about a prenuptial agreement."
Pros of Prenuptial Agreements
- Having a prenuptial marital relationship agreement does not indicate that a couple is preparing for a divorce.
- Financial matters that need to be dealt with are faced.
- Prenuptial agreements can protect family ties and inheritance.
- If your future partner will not sign a prenuptial marital relationship agreement, it might be best to find this prior to the wedding.
- The financial well-being of children from a previous marriage can be secured.
- Personal and company properties built up prior to your marital relationship are safeguarded.
- A prenup puts monetary expectations out on the table prior to your wedding event.
- A prenuptial marriage agreement spells out which properties a partner may want to offer to kids or other family members in case of death.
- In the event of a divorce, a prenuptial arrangement eliminates battles over assets and finances.
Cons of Prenuptial Agreements
- Prenuptial marital relationship contracts can be set aside for failure to divulge all possessions, or if there is evidence of scams, pressure, unfairness, or lack of representation at the time of signing the agreement.
- They are unromantic and can trigger major friction in the relationship.
- Prenups can give the appearance that there is a lack of trust in between the partners.
- A prenuptial contract could develop bitterness between partners.
- A prenuptial marital relationship agreement makes it seem like there is an absence of a lifetime commitment to one another.
- Some individuals look at doing a prenup as "planning the divorce" prior to "planning the wedding."
History of Prenuptial Agreements:
Nuptial agreements have actually been around for thousands of years. If he died or divorced her, she might lose everything.
Community Property States.
Community property states in the United States are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, and the area of Puerto Rico. Their laws specify that go here residential or commercial property accumulated during a marital relationship would be divided equally in case of a divorce. Other states have a policy of dividing assets on a fair distribution basis.
Things to Remember About Prenuptial Agreements
- Discuss the arrangement early in your relationship. Do not wait up until you are ready to walk down the aisle.
- Be truthful. Do not try to conceal your thoughts, feelings or properties
- Hire separate lawyers so you both have good representation.
- Consider asking both legal representatives to supply an affidavit of independent legal counsel. Keep the affidavits with the original prenuptial file.
What If You Both Completely Disagree on Getting a Prenuptial Agreement?
If one of you is entirely against getting the prenup and the partner is entirely determined about getting one, you may wind up breaking up. It's unfortunate if you can come to some arrangement that is reasonable to both of you, but often that is the case. Just you can choose if this bone of contention is a deal breaker for you.
For more information, contact:
Douglas Crawford Law
1404 S Jones Blvd
Las Vegas, NV 89146
(702) 383-0090