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What is a Common Law Marriage?
Marriage - September 2023
Planning for a wedding and divorce at the same time might feel like you’re setting yourself up for failure. However, financial experts will tell you getting a prenup can strengthen a marriage by getting future spouses to agree on essential money matters ahead of time, as well as accounting for what each might bring to the union, such as children, assets, and debts.
And, in the unfortunate event of a divorce, it also settles important decisions before the relationship has ended and emotions rule. So, let’s review what a prenup is, and why you should consider signing one.
A Fall 2022 survey conducted by LegalShield found that 62% of people who responded didn’t find it important to have a prenuptial agreement in place, while also believing it’s a good idea to have one. Read more in this article from The EveryGirl, “Why You Should Consider Getting a Prenup, According to an Expert.”
A prenuptial agreement–or prenup–is a legally binding contract created by two people before marriage. A prenup lists all the assets and debts belonging to each person and specifies who gets what, should a split occur.
You have health insurance, home insurance, and car insurance; think of a prenup as insurance for your marriage. It protects you and your future spouse’s assets, children, and families by pre-determining what happens with:
A postnuptial agreement differs from a pre-nuptial agreement—in that this document is created and agreed to by both spouses after entering the marriage. Otherwise, these are similar legal documents that specify what will happen to marital assets if a couple divorces or one spouse dies. Each has certain pros and cons, such as:
Money issues are a leading cause of divorce. This is why an honest discussion of assets, financial expectations and responsibilities is so important, either via a prenup or postnup. However, the longer you wait, the harder this discussion can be, as assets become mixed, along with emotions. The sooner a couple starts to deal with money matters, the better.
A prenup or postnup can create a clear blueprint for division of assets, debts, and financial responsibilities. However, if a couple does not keep track of the above, it can:
Prenups can be amended, if both partners agree to the modifications. A large inheritance or the birth of children can be the cause for modifications to the initial agreement. If one partner will not agree to any modification, the other may seek to invalidate the prenup.
Not everything can be included in a prenup. Though the laws on this can vary from state to state, here is a list of things most states won’t allow:
Without a prenup, creditors can go after joint assets even if only one spouse is the debtor. To avoid this, create provisions detailing debt liability in the prenup.
A prenup can also establish the monetary value of working or non-monetary contributions to a marriage, such as being a stay-at-home spouse, which often entails making career sacrifices.
A prenup can list the property each partner brings into the marriage, differentiating this from the property acquired during the marriage. The pre-marital property remains with the spouse who owned it prior to the marriage. The property acquired during the marriage is shared.
A prenup can specify whatever alimony terms a couple wants–except completely waiving the right to alimony–which is often rejected by the court. A prenup cannot pre-determine child support, however. The court will make this decision.
A prenup can be invalidated for the following reasons:
Sorry, each partner needs to have their own legal representation. If you don’t, your agreement can be invalidated simply on those grounds. A prenup is a complex, customized legal contract that must be executed properly and fairly to be enforceable.
The cost of a prenup will range from $1,000 to $10,000. The reason for this disparity in price is due to:
The more each person owns, and owes, the more complex the prenup will be, which will increase its cost.
Again, a prenup is a complex legal contract that must be executed properly to be enforceable. So, get the prenup process started 6-8 weeks before the wedding, and get it signed at least 30 days before the ceremony.
Yes. A prenuptial agreement can strengthen a marriage by forcing the couple to agree on essential money matters.
Once you sign a prenup, you have agreed to a legally binding contract that dictates the division of marital assets and debts should divorce or the death of a spouse occurs. Before you sign a prenup, it would be a good idea to get a detailed understanding what a prenuptial agreement does. If you are wondering, should I sign a prenup? – show the document to your own lawyer before you sign.
No–unless the prenup has unfair provisions, or you are coerced into signing. If your partner asks you to sign a prenuptial agreement be sure to show it to your own lawyer before doing so.
You need to know your partner’s premarital assets and debts, as well as your own. You might also be wondering, how much is a prenup?—It can range from $1,000 to $10,000 in cost, depending on the state you live in and the complexity of the agreement.
No, they can help a marriage succeed by alleviating future misunderstandings. However, should you sign a prenup under duress or coercion, this can be a predictor of future problems. If that is the case, and you are wondering, are prenups enforceable?—the answer is not always. A prenup can be invalidated if one partner was coerced into signing it.
No. A prenup ensures a proper division of marital assets along with spousal support should you and your spouse divorce. If you are still wondering, should I sign a prenuptial agreement?—we suggest you contact a family lawyer at LegalShield. We offer expert, on-demand legal assistance that will cost a fraction of what it would with a traditional law firm. Whether it’s help with a prenup, adoption papers, custody rights, divorce—or any of the legal issues that simply come with life—find a membership plan that works for you.
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