January 11, 2014 /24-7PressRelease/
-- Like most people, residents in the Minneapolis-St. Paul area who are planning a marriage do not typically give serious consideration to drafting a prenuptial agreement. Instead, effort is focused on wedding plans and visions for a lifelong future together. While a positive groundwork is important, so to can be the discussions that can come from working through a premarital agreement.
In the midst of an unfortunate divorce, having some parameters already identified can save valuable time, money and emotion. Such a document can specify key terms of property division
, one of the most common adversarial areas in a divorce.
When is a prenuptial agreement most beneficial?
Virtually any couple can benefit from having a prenuptial agreement but there are some circumstances which make it even more helpful. These include when one or both partners have an interest in any business, copyrights, royalties or other such assets.
A generally large net worth on the part of one spouse prior to the marriage is also a situation that is worthy of a prenuptial agreement
. With more and more Americans getting married later in life, these assets may also be in the form of retirement accounts and, if lost, they are not easily replaceable.
People interested in premarital contracts should take care to follow some basic guidelines that will make sure their document is legally binding.
- Make sure that any prenuptial agreement is created and signed well before the date of the marriage. Doing so will prevent the courts from looking on it as potential coercion of one party.
- Sticking to property, asset and debt division is important. Courts will typically not heed any decisions regarding child custody and visitation as part of such agreements.
- Never rely on an oral agreement. Legal documents should always be produced in writing following proper procedure if they are to be usable later on.
Additionally, each partner should work with his or her own attorney in creating the contract. This avoids any conflict of interest and protects all parties equally.
Postmarital agreements important stay-at-home moms or dads
If you and your spouse got married without a prenuptial agreement and later decide that one of you will leave your job to stay home and take care of children once they are born, it is not too late to protect yourself legally. A postnuptial agreement can be very helpful in securing income if a divorce should ensue.
For moms or dads that quit working for multiple years, their earning potential upon re-entering the workforce is often much less than what it was when they were working before. A postnuptial agreement can provide stipulations to protect that parent down the road.
Learn more before you choose
Before you rashly determine that you will have no need for a premarital contract, you should discuss your situation with an attorney to understand how it can help benefit you, your future spouse and any children that may be affected as well.
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