If you are in the midst of planning your wedding, you have undoubtedly heard the term “prenup.” But what is it? And how should it affect you? A prenup is not simply a legally binding agreement; rather it is a document drawn up by both the man and woman which details various legal rights and responsibilities. A prenup is very similar to a marital contract, but instead of being between a husband and wife, it is usually drawn up by a legal professional such as a lawyer or a registered agent.
a legal seal or signature on a contract
In legal terms, a prenup is an agreement between two people that details the division of certain assets and/or liabilities between them in case of divorce. A prenup can also be described as a legal seal or signature on a contract. In many cases, prenups are drawn up as a joint document, so both partners sign it, thus legally creating it as an agreement between themselves. In some cases, the prenup is drawn up separately, without the involvement of any legal professionals. However, in either case, once the prenup has been duly signed, it becomes legally binding on both parties.
ensuring that couples share the assets equally even
In the United States, prenups are routinely used as a way to ensure that couples share financial responsibilities. For instance, if the couple is of different ages, and one is soon to reach the age of majority, it is common for parents to draw up a prenup contract so that their minor children do not have to be removed from their care in the event of the parent’s death or inability to provide funds for the minor’s education. Similarly, if a couple is about to get married and there are large assets (such as real estate) involved, it is common for a parent to put the assets in the custody of the other parent in the event of the death of the primary caregiver. Thus, prenups are extremely popular among couples who are having pre-marital sex-offs. But, it is important to note that prenups can also serve the practical purpose of ensuring that couples share the assets equally even when one partner is much younger than the other.
the assets and liabilities as stipulated in your original marriage contract
If you have already decided that you want to go ahead with your prenup, it is important to remember the prenup should reflect your goals and your lifestyle, especially in terms of your children. Ideally, a prenup should take into account the preferences of both you and your spouse in terms of where the assets should be kept, how they will be transferred to your surviving spouse in the event of a remarriage, etc. Therefore, it is important to sit down together and go through your finances together and decide which aspects of your life are most important to both of you. Once you have decided, write out a prenup agreement outlining the division of the assets and liabilities as stipulated in your original marriage contract.
the risk of your former husband retaining all of your assets even after you have died
Many women have benefited from prenups, particularly those who were married for 20 years or more before filing for divorce. In many cases, the woman was able to continue working outside the home and earn a living while her husband tended to their children full-time and stayed home to take care of them. Some couples have even managed to get prenups which were so well executed that both spouses wound up sharing the same assets upon the remarriage. It is important to note, however, that if you do this, you run the risk of your former husband retaining all of your assets even after you have died.
The prenup attorney will be able to properly advise you
If you feel you may need help with prenup agreements, there are many professional organizations both online and off that offer no-cost services to assist you in drafting prenup agreements. Just be sure to look at more than just one website. Even if you decide to use a prenup attorney, you will still need to consult with a lawyer who specializes in prenuptial agreements. Some prenup agreements, in particular, may have legal ramifications which make it necessary for you to retain an attorney. The prenup attorney will be able to properly advise you on what types of legal documents you need to prepare, how to set up your meetings, and other important matters.