By Jyoti Jha
A prenup is a contract that is agreed between couples who have decided to get married. You might wonder whether you need a lawyer for a prenuptial agreements before getting married.
In this article, we will be discussing the concept of prenups and the lawyer who shall guide you in developing prenuptial agreements.
What Is A Prenup (Prenuptial Agreement)?
A prenuptial agreement is a kind of contract that is created by two individuals before they are entering a marriage. Generally, prenuptial agreements can outline terms and conditions associated while dividing up financial assets and responsibilities if the marriage dissolves in the future.
The concept of prenuptial agreements has always been a topic of controversy among couples.
However, if you carefully plan and use the prenup appropriately, then it will be a fair way of spending assets and responsibilities after getting into a marriage.
Do I Need To Create A Prenuptial Agreement Before Entering Marriage?
Apart from popular belief, prenups are not just for the rich and wealthy.
Some of the common reasons why couples create a prenuptial agreement are as follows:
Passing Separate Property To Children From Previous Marriages
A couple with children from a previous marriage can make use of a prenup to decide what assets they are providing them after their death. This will allow such couples to pass separate property to their children and still provide for one other if required.
Without a prenup, the surviving spouse might have the right to claim a large amount of their dead spouse’s property leading to fewer assets for their current children.
Clarification Of Financial Rights
When you are entering into a marriage, it is crucial that both of you have clarification about one another’s financial rights.
On the other hand, you can also spell one another’s financial obligation and duties that will be applicable upon entering the marriage.
Avoiding Arguments In Case Of Divorce
You are not someone to worry about divorce while you are entering into a marriage. But you might think about the possibility of divorce while entering into marriage. Due to this, you might enter into a prenuptial agreement for the avoidance of arguments in a future divorce.
You can also state whether you are willing to provide alimony to your spouse upon dissolving the marriage.
However, you must know that there are states in the US that would restrict you from giving up your alimony. And in other states, judges will closely investigate your application of waiving the alimony after divorce.
Gain Protection From Debts
You can enter into a prenuptial agreement to protect yourself from each other’s debt which might include school loans or medical debts.
Do I Need A Lawyer For A Prenuptial Agreement?
Prenuptial agreements, often dubbed “prenups,” may not be the most romantic topic when you’re planning your happily ever after. But they can be an essential legal tool, especially when it comes to protecting your financial interests. The big question is, do you need a lawyer to draft a prenuptial agreement? Let’s dive in and break it down.
When You Need a Lawyer
Complex Finances: If you or your spouse-to-be have substantial assets or debts, involving a lawyer is often a wise move. They can ensure that your agreement covers all the necessary financial intricacies, leaving no room for misunderstandings.
Legal Knowledge:
Prenuptial agreements need to adhere to state laws and regulations, which can vary.
Fairness:
Prenups should be fair and not unduly favor one party.
Avoiding Mistakes:
Legal jargon can be tricky. A small error in wording could render the agreement invalid. Lawyers are experts at avoiding such pitfalls and drafting airtight documents.
Full Disclosure:
Lawyers can guide you in disclosing all assets and debts accurately. This is crucial, as any hidden assets can jeopardize the validity of the agreement.
When You Might Not Need a Lawyer
Simple Agreements:
If your financial situation is straightforward, and you’re in agreement on how to handle your assets and debts, you might be able to create a basic prenup without legal assistance.
Low Assets:
If you have minimal assets and debts, and the agreement is relatively simple, you may not require a lawyer’s involvement.
Online Templates:
Some couples opt for online prenuptial agreement templates. While these can be cost-effective, it’s important to ensure they comply with your state’s laws and to understand the document thoroughly.
What Kind Of Lawyer Do I Need For A Prenuptial Agreement?
You will have to make sure that you appoint a qualified and experienced family lawyer specializing in prenuptial agreements. You can appoint a good and experienced lawyer for prenuptial agreements through referrals from friends or family.
On the other hand, you can also contact your local bar association to get a fair idea about the lawyers for a prenuptial agreement within your area.
And It’s A Wrap!
Now you have an idea about the workings of a prenuptial agreement before entering into the bonds of marriage. Or else it might lead to great risk if your marriage gets dissolved.
So, it is advised that you take the assistance of a family lawyer to review the prenuptial agreement before entering it.
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