What Is a Prenuptial Marital Relationship Agreement?
Are prenuptial marital relationship arrangements a death knell for romance? Or are prenuptial contracts practical options to dealing with the troublesome subject of finances in a marriage?
A growing number of couples are signing prenuptial marriage contracts prior to they marry. They are much more popular when couples are remarrying for the second time. These are not just couples handling financial inequality, or couples who have a great deal of wealth. These are couples who wish to put all their financial cards on the table before they walk down the aisle.
A prenuptial marriage contract is a signed and notarized agreement that spells out how a couple will deal with the monetary elements of their marriage. Although not extremely romantic, having this sincere financial discussion prior to a wedding can be a very positive experience.
According to the site FindLaw.com, "Premarital agreements (likewise called prenuptial arrangements or "prenups") are a common legal action taken before marriage. A prenup develops the home and financial rights of each spouse in case of a divorce. So while no one is thinking about a divorce when they get wed, about half of all marriages in America wind up in divorce proceedings. It's frequently sensible to at least consider a prenuptial contract."
Pros of Prenuptial Agreements
- Having a prenuptial marital relationship arrangement does not mean that a couple is expecting a divorce.
- Financial matters that requirement to be faced are dealt with.
- Prenuptial arrangements can maintain family ties and inheritance.
- If your future spouse won't sign a prenuptial marital relationship agreement, it might be best to find this before the wedding event.
- The financial well-being of children from a previous marital relationship can be protected.
- Personal and business properties built up before your marital relationship are secured.
- A prenup puts monetary expectations out on the table Division of Premarital Assets before your wedding.
- A prenuptial marriage contract spells out which possessions a spouse might want to give to kids or other relative in case of death.
- In the occasion of a divorce, a prenuptial arrangement eliminates battles over assets and finances.
Cons of Prenuptial Agreements
- Prenuptial marriage agreements can be reserved for failure to reveal all properties, or if there is evidence of fraud, 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 animosity between spouses.
- A prenuptial marital relationship contract 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.
Neighborhood Property States.
Neighborhood 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 property collected 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 until you are ready to stroll down the aisle.
- Be truthful. Do not try to conceal your thoughts, sensations or possessions
- 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 initial 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 adamant about getting one, you might wind up breaking up. It's regrettable if you can come to some arrangement that is fair to both of you, however in some cases that is the case. Just you can decide if this bone of contention is an offer breaker for you.
For more information, contact:
Douglas Crawford Law
1404 S Jones Blvd
Las Vegas, NV 89146