Premarital and Postmarital Agreements
Preparation and Ease of Mind
In the past, many stigmas have been attached to premarital agreements. For example, people have said "if we enter into a premarital agreement, does it mean we think we will end up divorced?" or "Aren't premarital agreements for wealthy people?"
The answer to both of the above questions is NO!
Why it doesn't mean you are thinking divorce:
If you and your spouse enter into a premarital agreement, it can be for several reasons other than thinking a divorce may happen down the road. For example, if one of you have a child from a prior marriage, you may want to pass your separate property to that child. A premarital agreement will help you do this. Further, a premarital agreement can help you define your financial rights. When you and your spouse negotiate your premarital agreement, you can cover all of the financial bases such as how you will file taxes, who will be responsible for what debt, and how you will hold title to assets you acquire during your marriage. Having these "hard" discussions in the beginning, with the assistance of counsel, helps you avoid having arguments about finances later. Finally, if one spouse is bringing a lot of debt into the marriage, and wants to protect his or her newly formed family, a premarital agreement is the perfect tool.
Why it isn't just for wealthy people:
As mentioned above, premarital agreements are used by people of all shapes and sizes to plan out their financial futures. It is possible that one person is bringing a significant amount of debt into the marriage, which could be tax or otherwise. If this person does not want their new spouse on the hook for this debt, a premarital agreement is the best way to protect him or her. Further, if one person has children from a prior marriage, the couple can decide how they want to support this child, what assets will be passed to the child, and even how to plan for that child's college. It is also possible that one or both soon-to-be spouses is just beginning his or her career. It is important for the couple to plan for their financial futures, and the best time to do this planning is in the beginning.
Premarital Agreements provide a pathway to a healthier marriage
There are countless benefits of having a premarital agreement. Here is a brief list of the pro's of a premarital agreement:
- Financial matters MUST be discussed prior to marriage. Being that the majority of marital agreements originate from the topic of money, learning to tackle conversations about money early in your relationship will set you up for a happy, honest and financially responsible marriage. Working with our team supports you in communicate about your needs openly before you get married. You don't want unresolved financial issues turning into arguments - or sadly - snowballing into the dissolution of your marriage.
- If your fiancé is coming into the marriage with credit card debt or large student loans, you can create an agreement designating the responsibility of that debt;
- Premarital agreements protect family ties and inheritance by keeping family money within your family tree. If your fiance's family has requested a prenuptial agreement; don't be alarmed or hurt. This is a very common practice with in many families. Our attorneys will review all paperwork and documents, and assist you in reaching satisfactory agreements and having all of your questions or concerns addressed.
- You can protect personal and business assets you have acquired before your marriage.
At Alternative Divorce Solutions, we believe in open communication for families and creating peace within families whenever possible. We pride ourselves in helping families plan out their financial futures to eliminate conflict now and later.
To learn more about how a premarital agreement can help you, contact us TODAY. It's critical to begin this conversation early in your engagement. We support our couples in completing all of the appropriate paperwork in advance of their wedding date, leaving them time to enjoy their wedding festivities.
If you are already married, but would like to define your finances with one another for the reasons above, schedule a complimentary one-hour consultation with our team to discuss post-marital agreements.