PRENUPTIAL & PREMARITAL AGREEMENTS
Of the many protective tools and documents available in the realm of family law, one agreement in modern society is taking on new flexibility: the Prenuptial Agreement. A well thought out prenuptial agreement offers peace of mind that your assets and business interests will be kept safe in the event of divorce or the death of your spouse.
THE MODERN PRENUP
Historically, this particular legal instrument has been most utilized by people lucky enough to have acquired or inherited great wealth, celebrity or other similar status. Many cultural changes in today’s society have fueled the need for these agreements to be used among all classes of individuals. These changes include higher second marriage rates and a rise in the average age of couples marrying for the first time. With marriages taking place later in life it is more common that individuals entering into a new marriage have already acquired significant assets that require protection. In addition, many couples are combining families and desire that their assets be preserved for the benefit of children from prior relationships. Other benefits that prenuptial agreements provide are:
- Identifies specific assets and/or debts as separate property to ensure they are not included as marital property;
- Ensures family heirlooms, memorabilia, inheritances, and trusts are protected so they to remain in the family;
- Protects business interests that a party may have at marriage, or may acquire in the future, such as a family business;
- Set forth clarity for income and expenses during the marriage, and can provide an agreement for support in the event of a divorce; and
- Supplement an estate plan.
Prenuptial Agreements, also known as Premarital Agreements, are agreements made between prospective spouses before marriage. Prenuptial agreements lay the foundation for the financial side of your marriage. Prenuptial agreements can protect your assets and those of your intended spouse. Some of those assets include:
- real estate and personal property
- family and personal businesses
- retirement accounts and investments
DO I NEED AN ATTORNEY TO CREATE A PRENUPTIAL AGREEMENT?
If you are considering a prenuptial agreement it is essential that you seek the assistance of a skilled attorney. A prenuptial agreement is a legally binding contract and requires certain legal requirements be met. Having a well versed, knowledgeable attorney prepare or review a prospective agreement could save you from unnecessary angst and costs in the form of attorney fees in the event that a dispute arises in the future. An experienced attorney is able to ensure that any agreement you enter into is well crafted to protect your interests.
It is important to discuss both present and future financial arrangements in an appropriate manner with your future spouse. The attorneys at GHMA | LAW have decades of combined experience representing clients in Western North Carolina. They are able to help you through the process of developing a sound agreement and strategic plan for openly discussing the benefits of a premarital agreement with your mate in a forthright and effective manner. If you are interested in a premarital agreement or have been presented an agreement to sign contact us today for a consultation at 828-258-2268.
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