Marital agreements consist of both postnuptial and prenuptial agreements. Although these agreements are not necessary for every married couple, they are helpful, especially when the parties – either independently or together – own large amounts of property or assets.
Prenuptial and postnuptial agreements prescribe how the spouses will divide their properties and assets in the event of a divorce, legal separation, or the death of one of the spouses. Couples draft and sign a prenuptial agreement before they marry. They sign a postnuptial agreement once they have entered the marriage.
In addition, marital agreements can also include plans for alimony, business interests, bank accounts, retirement accounts, debts, future gifts, and future inheritances. A marital agreements lawyer in Alpharetta can help you and your spouse (or potential spouse) draft a comprehensive agreement that addresses all of your concerns.
Marital agreements can be extremely beneficial in the long run and can save time and money for everyone involved. When it comes to marital property, an agreement can override equitable distribution rules and prescribe which spouse gets what in the event of a divorce or separation. Similarly, a well-worded agreement can lay out the type, amount, and duration of any alimony payments post-divorce.
Often, couples acquire large monetary assets – as well as debts – over the course of their marriage. A marital agreement can expressly state which party will receive the money or take responsibility for the debt following a divorce. Monetary assets can also include bank accounts and retirement accounts, including a 403(b), 401(k), or traditional IRA. Courts generally enforce marital agreements, assuming the agreement is drafted in good faith and is not overly unfair to one party.
An effective and well-drafted marital agreement can save a lot of pain in the event of a divorce or the death of a spouse. Effective Alpharetta marital agreements generally possess the following traits:
Alpharetta marital agreements are not irrevocable or un-modifiable. On the contrary, the parties can agree to change or revoke their agreement if they meet certain requirements. For example, the revocation or amendment must be in writing and both parties must agree to the revocation or amendment.
Marital agreements offer an efficient way of dividing property and assets in the event of a legal separation, divorce, or death of a spouse. It is extremely important that the language in a marital agreement be precise and correct.
An Alpharetta marital agreements lawyer can meet with you and your spouse (or fiancée), examine your assets and debts, and work with you to craft an agreement that suits your individual lifestyles and circumstances. Call today to learn more.