What Is a Prenuptial Marriage Contract?
Are prenuptial marriage arrangements a death knell for romance? Or are prenuptial arrangements practical options to dealing with the problematic subject of finances in a marriage?
More and more couples are signing prenuptial marital relationship contracts prior to they marry. These are not just couples dealing with financial 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 handle the financial elements of their marital relationship. Although not very romantic, having this truthful monetary discussion prior to a wedding can be a really favorable experience.
According to the site FindLaw.com, "Premarital agreements (likewise called prenuptial contracts or "prenups") are a common legal action taken prior to marital relationship. A prenup establishes the property and monetary rights of each partner in the event of a divorce. So while nobody is considering a divorce when they get married, about half of all marital relationships in America end up in divorce procedures. So it's often prudent to at least think about a prenuptial agreement."
Pros of Prenuptial Agreements
- Having a prenuptial marriage arrangement does not imply that a couple is preparing for a divorce.
- Financial matters that need to be faced are dealt with.
- Prenuptial arrangements can protect family ties and inheritance.
- If your future spouse won't sign a prenuptial marriage arrangement, it might be best to discover this before the wedding.
- The financial wellness of kids from a previous marriage can be protected.
- Personal and organisation assets accumulated prior to your marriage are secured.
- A prenup puts financial expectations out on the table prior to your wedding event.
- A prenuptial marriage contract define which assets a spouse might want to give to children or other relative in the event of death.
- In the event of a divorce, a prenuptial contract gets rid of fights over assets and financial resources.
Cons of Prenuptial Agreements
- Prenuptial marriage agreements can be reserved for failure to reveal all assets, or if there is evidence of scams, duress, unfairness, or lack of representation at the time of signing the arrangement.
- 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 create animosity between spouses.
- A prenuptial marital relationship contract makes it look like there is a lack of a life time commitment to one another.
- Some people take a look at doing a prenup as "planning the divorce" before "preparing the wedding."
History of Prenuptial Agreements:
Nuptial contracts have been around for thousands of years. If he passed away or separated her, she could lose whatever.
Community Property States.
Community home states in the United States are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, visit Wisconsin, and the territory of Puerto Rico. Their laws state that home built up throughout a marriage would be divided equally in case of a divorce. Other states have a policy of dividing assets on a fair circulation 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 attempt to hide your ideas, sensations or assets
- Hire different lawyers so you both have great representation.
- Consider asking both legal representatives to provide an affidavit of independent legal counsel. Keep the affidavits with the original prenuptial document.
What If You Both Completely Disagree on Getting a Prenuptial Agreement?
If among you is totally versus getting the prenup and the partner is totally adamant about getting one, you might end up separating. It's unfortunate if you can come to some arrangement that is fair to both of you, however often that is the case. Only 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