What Is A Prenuptial Agreement?
A prenuptial agreement, or a premarital agreement, is a written contract created by two individuals who plan to be married. This agreement lists all individually owned property, such as homes and businesses, family assets, stocks and bonds, savings accounts as well as debts, and specifies what will and will not remain individually owned property after the legalization of marriage. Prenuptial agreements also specify whether spousal support will be paid in the event of a divorce, and the intentions regarding distribution of individually owned property upon death.
Factors that cannot be stipulated in prenuptial agreements are binding legal matters such as child support; i.e. a couple cannot lawfully agree in a prenuptial agreement that either party will in no way be responsible for restitution. And, a few states do not allow prenuptial agreements to modify or eliminate the right of a spouse to receive courtordered alimony at divorce, although a prenuptial agreement can facilitate in the degree of compensation.
Other Prenuptial Agreements FAQs
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Q:
Do Both Parties To A Premarital Agreement Need A Lawyer?
A: Not necessarily, but the benefits of having one are knowing that the contract is prepared correctly and that you have made an informed decision. The attorney will also … more -
Q:
What Is A "premarital" Or "prenuptial" Agreement?
A: The terms “premarital” and “prenuptial” are used interchangeably. Simply put, this is a legal contract that two people enter into before … more -
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Are Prenuptial Agreements Valid In A Court Of Law?
A: As divorce and remarriage become more prevalent, courts and legislatures are increasingly willing to uphold prenuptial agreements. Although every state permits … more -
Q:
Should I Make A Prenuptial Agreement With My Future Spouse?
A: The answer to that depends on your specific circumstances, and on the two of you as individuals. Financial planners and divorce attorneys argue that prenuptial … more -
Q:
Do I Need A Lawyer Or Can I Prepare One Myself?
A: There is no requirement that you have a lawyer, however, without one (two actually, one for both you and your future spouse) you are setting yourself up for a legal … more -
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Can A Prenuptial Agreement Be Modified After Marriage?
A: Yes. Any terms of a prenuptial agreement can legally be altered or modified in the future, if both parties so decide. Other terms of the prenuptial … more -
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Can A Couple Make A Prenuptial Agreement Without An Attorney?
A: A couple can begin the process of a prenuptial agreement by evaluating their circumstances, discussing what the agreement should entail, and even composing a first … more
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