Prenuptial agreements, also referred to as premarital agreements, are usually signed by two people intending to marry each other. Prenuptial agreements secure the property and financial rights of each side in the event of a divorce in the future or an unexpected death.
Prenuptial agreements are not just for individuals with a lot of wealth or assets. While prenuptial agreements can be used to protect the financial interests or assets of person entering a marriage, they can also be used for other purposes relating to financial matters, including but not limited to: establishing property rights to children from previous marriages, establishing or clarifying the financial rights and decision-making responsibilities of the couples during their marriage, specifying and detailing ways to solve disputes in case of a divorce to avoid costly or nasty divorces, and protecting each spouse from the debts of the other.
Usually, under law, spouses in a marriage are automatically responsible for each other’s debts and share ownership of their marital property. When certain rights and responsibilities are not to the liking of individuals, they seek to change them through constructing prenuptial agreements.
When there is no prenuptial agreement in place and the couple seeks divorce or one of the spouse dies, the laws of the state they resided in determines what happens to the marital property and financial rights of the spouses. State laws also delineate what can and cannot be included in pre-nuptial agreement. Therefore, like any agreement, it is wise to consult an attorney prior to agreeing to a pre-nuptial agreement.
At Raheen Law Group, we understand the considerations of individuals who are in love but are seeking a prenuptial agreement. As with any life-altering situation, it pays to evaluate all options thoroughly before constructing or agreeing to a prenuptial agreement.
Raheen Law Group can help you understand your rights and responsibilities, customize a valid agreement specific to your considerations, and guide you through the process as a whole. If you wish to discuss your particular situation with us, please contact us for a consultation.