Nobody wants to consider divorce when they are married. But before entering marriage, you should strongly consider creating a prenuptial agreement. If a divorce does occur, a comprehensive prenuptial agreement can provide clear directions in a confusing and stressful time and minimizing emotional hardship.
The experienced lawyers at Tucker, Nong and Associates can help you create a well structured and comprehensive prenuptial agreement. We can design a prenuptial agreement that will protect your best interests and will hold up in a court of law.
What is a Prenuptial Agreement?
A prenuptial agreement (also known as a “prenup”) is a legal contract created by two people before they enter into a legal marriage. A prenuptial agreement lists any and all property each person has acquired before a marriage in addition to any debts they have accumulated. If a divorce occurs, a prenuptial agreement will provide clear directions as to who will receive what property, who will be responsible for specific debts and what each person’s property rights will be after the marriage has ended.
Who Needs a Prenuptial Agreement
Many people believe that prenuptial agreements are only needed by individuals who have considerable financial assets. It is true that prenuptial agreements are used to protect assets of a “rich” fiancé however, prenuptial agreements can benefit couples who are considered to only have modest assets. Here are some additional reasons to consider creating a prenuptial agreement:
Pass separate property to children from prior marriages. If a marrying couple has children from a prior marriage, they may elect to use a prenuptial agreement to designate what will happen to their personal property if they die. A prenuptial agreement allows for a spouse to pass on specific property to their children, if desired. This can protect the surviving child’s right to claim certain property. Without a prenuptial agreement, it could be possible for the surviving spouse to claim an unfair amount of the deceased’s property
Define financial rights. Regardless of whether a couple has children, they may wish to clarify their financial rights and/or responsibilities during the marriage.
Avoid Unwanted Conflict. It is possible for a divorce to occur due to unfavorable circumstances. A prenuptial agreement can provide clear directions that should be followed should a divorce occur. Having these clear directions can help couples avoid unnecessary conflict over particular topics such as property distribution and spousal/alimony support.
Protection from debts. Prenuptial agreements can also be used to protect each spouses from being responsible for the other spouses’s debts
Additional benefits of a Prenuptial Agreement
Prenuptial agreements have several different uses. Some additional benefits of a prenuptial agreement can include:
- Whether joint of separate income tax returns should be used. This can allocate income and tax deductions
- Who is responsible for household bills AND how they are to be managed.
- Whether joint or separate bank accounts should be used AND how to manage them.
- How to manage credit card charges.
- How to manage long term savings.
- Agreements for how to pay for college and/or other professional school.
- In case of death, what your spouse will receive from your estate.
- How to settle future disagreements, such as hiring a mediator.
A comprehensive prenuptial agreement can have significant benefits. Because prenuptial agreements can be complicated, you should always professional legal assistance.
Why Choose Tucker, Nong and Associates
Before you enter marriage, you should consider what would happen if a divorce does occur. If properly designed, a prenuptial agreement can help protect your best interests so that you are not taken advantage of.
If you are interested in creating a prenuptial agreement, contact Tucker, Nong and Associates now. Our experienced prenuptial agreements lawyers will be able to advise you on how to protect your assets and how to shield you from unfair financial responsibilities if a divorce occurs.
Don’t gamble with your future, give us a call or contact us online to learn how we can help you.