As wedding bells ring, many couples are considering premarital agreements to safeguard their property, debts, and other assets. This legal document designates what happens to each spouse's property should the marriage end in divorce or death. However, prenups can be a touchy topic. No one wants to prepare for the worst when they are anticipating a happy future together. This blog aims to answer frequently asked questions about premarital agreements, so couples can make an informed decision.
A premarital agreement is a contract between two parties before they enter into marriage. This legal document lays out their financial responsibilities, distributions of property and income, and spousal support. Premarital agreements are also called prenuptial agreements or prenups.
Prenups are not necessary for everyone, but they offer some peace of mind, mainly if one or both parties possess significant assets, businesses, or inheritance that they wish to protect. They are also useful when one of the spouses has to pay alimony or child support from a previous marriage.
You can mention almost anything you want in a prenup, but there are limitations to it. Issues of property, alimony, spousal support, and inheritance can be included. You cannot include child custody arrangements, illegal or immoral considerations, and waivers of personal rights outside of finances.
The best time to get a prenup is at least six to eight months before the wedding ceremony. This time frame will give each person enough opportunity to disclose their debts, assets, and any other financial liabilities to each other transparently.
Not at all. A prenup signifies that you love and respect each other enough to have honest discussions about your finances. Talking about money issues before the wedding ensures each party is fully aware of what they are getting into. It allows both parties to make informed decisions without stress.
In conclusion, premarital agreements have many purposes, including protecting your and your spouse's financess. Prenups can give you a sense of security that your assets will go to the right people in case of a divorce or death. That said, getting a premarital agreement should always involve discussions between you, your partner, a prenuptial attorney to make sure you both fully understand your respective rights. If you need help preparing a prenuptial agreement in Orlando, FL, contact the experts at Ilvento Law. We will help you navigate through the process and give you guidance on what is and what isn't included in the agreement.