Prenuptial agreements are also known as ante-nuptial agreements. The purpose of a prenuptial agreement is to lay out how the spouses will divide their money, marital debts, and marital property in the event of legal separation or divorce.
A well-drafted prenuptial agreement can help to streamline the proceedings and bring about an efficient resolution. A prenuptial agreements lawyer in the Alpharetta area can work with you to draft an agreement that addresses all of you and your spouse’s financial needs and concerns.
Prenuptial agreements can raise a wide variety of marital issues. The specific issues an agreement will address will depend on the specific couple. It is also important to remember that prenuptial agreements are not set in stone. In fact, the parties can jointly agree to modify their agreement going forward. There are however some basic areas most prenuptial agreements will consider.
When spouses acquire property while they are married, that property usually becomes part of the marital estate. A prenuptial agreement can establish how to divide the spouses’ marital property if they want a divorce. For example, the agreement could state that upon divorce, the spouses will divide all their assets and debts on a 50/50 basis.
A prenuptial agreement can establish the conditions under which a spouse will receive spousal support, as well as the type and amount of alimony paid to the recipient spouse.
Some spouses hold a joint ownership in a business, partnership, or limited liability company (LLC) while they are married. A prenuptial agreement can establish how the spouses will divide a business entity upon divorce. The agreement can also account for appreciation in value of the spouses’ ownership interest.
A prenuptial agreement can lay out how to divide the spouses’ combined contributions to a pension or retirement account, such as an IRA, 401(k), or 403(b). All these financial contributions are marital assets and make up the spouses’ marital property.
Prenuptial agreements are a type of contract. As such, the parties to the agreement must have a “meeting of the minds.” Courts will enforce a prenuptial agreement if the spouses agree on all of the essential contract terms – and assuming each party fully discloses all of their financial assets and interests to the other.
A Court may not enforce a prenuptial agreement if there was duress, fraud, or mutual mistake involved. Moreover, the spouses’ circumstances must not have changed so as to render the agreement unfair or unconscionable.
Prenuptial agreements are extremely important in the event of a divorce. Therefore, if you are considering marriage, you should have a qualified prenuptial agreement attorney draft a prenuptial agreement on your behalf.
An Alpharetta prenuptial agreements lawyer can help you draft a thorough agreement that will address your unique circumstances. Call today to learn how an attorney can help you protect your assets prior to a marriage.