Lynwood Divorce Lawyer: Frequently Asked Questions – Prenuptial Agreements
The divorce process effectively ends a marriage between two consenting parties. Although some former couples get through the divorce process with no difficulties, others have to get further legal aid to successfully resolve their marriage.
In Part 1 of our frequently asked questions about the divorce process, we are going to examine some common questions about prenuptial agreements.
Frequently Asked Questions ~ Prenuptial Agreements
What is a prenuptial agreement?
Part of the reason why many divorces end up with complicated terms is dividing assets among both parties. Though, one of the most common ways to prevent this from happening involves getting what is known as a prenuptial agreement drafted before getting married.
A prenuptial agreement, also known in popular culture as a prenup, is a written contract by two parties that is often drafted before they get married. Prenups list all of the property belonging to either party that they own, including any debts. The idea behind the agreement is to state the specific property rights of either party for after the marriage.
Who usually needs a prenuptial agreement? What does a prenup accomplish for either party?
Although prenups are commonly associated with celebrities and the wealthy, they are increasingly becoming popular among many ‘normal’ folk who get married nowadays. There are many reasons why couples of any financial background need a prenuptial agreement.
Some couples get prenups in order to successfully pass separate properties to children from other marriages. This allows them to set what children will inherit the right to their property should anything happen to them. If they did not get a prenup, their children would not have a chance to claim their property, especially if their former spouse exercised their right to claim first.
Couples also have prenups drafted to clarify any financial rights and responsibilities during their marriage. This applies to couples of any financial creed and whether they have children or not.
Another reason why couples choose prenups is a common reason: to avoid any arguments over assets in case of a divorce. A prenup lays out the terms of how their assets will be divided in advance, so, should they divorce, they do not have to worry about facing issues with dividing up property.
Prenups also afford couples some protection from debts, specifically each other’s debts.
What happens if we do not choose to draft a prenuptial agreement?
Couples who do not draft a prenuptial agreement have to face their assets being divided in accordance with their state’s laws, that is, the laws that apply to a legal separation or divorce.
Couples that do not agree with these laws, well in advance, should consider getting a prenup. Although the implications of a prenup may deter some couples, it is a good idea to draft one in case something occurs in the future.
Divorce Lawyer – Lynwood Lawyer Help For Prenuptial Agreements
Sometimes, issues with the terms of a prenuptial agreement may occur long after the contract is drafted. Therefore, you will likely need a divorce lawyer to resolve any problems regarding your prenuptial agreement.
Contact us for a free consultation or more information regarding our Lynwood Divorce Lawyers or other questions about potentially hiring a lawyer for resolving issues with prenuptial agreements.