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What Happens if You Don’t Sign a Prenup?

What Happens if You Don’t Sign a Prenup?

In this post we look at may what happen if you choose not to sign a prenup. Read on to learn more.

Understanding the implications are very important. Prenups supersede the safeguards and regulations passed by the state and observed by civil law. So, if you do not sign the prenup and sub sequentially get divorced, your assets may not be safeguarded. There may also be debate regarding spousal maintenance and the splitting of other partial assets as well as what may happen if one partner passes away.

Legal Advice

Once you have decided regarding a prenup, regardless of whether it is to sign it or not, it is a very good idea to obtain some legal advice, so you have a clear picture of the process and the prenuptial arrangements. This way you can make a fully informed decision. Usually, couples meet with a mediator and determine if a prenup is desirable.

Valid Prenups

In the past courts would often view prenups with suspicion because more of ten than not, the spouse with less economic power were often involved in a waiver regarding financial and legal benefits. However, with equality becoming an ever-larger part of these arrangements – judges can still determine if a prenup is fair or not. Thatsaid, you should negotiate and write up your own prenup and have individual lawyers review it, otherwise the court may question the legality of the document.

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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How to Get a Prenup Thrown Out

How to Get a Prenup Thrown Out

Read on to learn more about instances where it may be possible to get a prenup thrown out.

Unfair Provisions

There are potentially several provisions that a couple may have in a prenuptial that may be considered for throwing out by a judge. Any divorce provisions must be fair and not contradict existing state laws. In the case of infidelity there may be issues if it is tired to a spouse potentially losing custody or visitation rights to a child or children. 

Infidelity and Lack of Assets

In the case of infidelity where one party is far wealthier than the other, the prenup may state the other party only receives a set portion of the wealth of the other party/

Signing Under Duress

If one person feels pressured to sign a prenuptial agreement, they may explain this to a judge at the time of a divorce. However, it is vital to contact a lawyer as soon as you can, having been coerced to sign.

A Fraudulent Agreement

If all assets and liabilities have not been disclosed prior to the prenup being signed, it may be invalidated. This can also apply if assets or debts have been misrepresented or exaggerated in any form.

Violating State Laws

The prenuptial must not be in violation of current state laws. Especially regarding the division of property, child visitation or custody.

Proper Legal Representation

If one party lacks appropriate legal representation the judge may toss the prenuptial agreement. Each party must have their own independent counsel who can explain the agreement and its terms and conditions fully to the person signing the agreement. This can prevent unreasonable demands being put upon one of the people in the agreement. Therefore, it is vital to have a lawyer examine the document before agreeing and signing said document.

Source: https://www.hg.org/legal-articles/prenups-can-get-thrown-out-if-they-are-unfair-48729

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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How Long Does A Prenup Last?

How Long Does a Prenup Last?

Prenuptial agreements usually last for the lifetime of a marriage but some couples include what is called a “sunset” clause where the prenuptial agreement is no longer valid after a certain time period. If there is no clause it is assumed the agreement will last a lifetime. Read on to learn more.

What Does a Prenup Cover?

A prenup can include the following:

  • Spousal support or alimony
  • A child or children from a previous marriage
  • Estate plans
  • Family property
  • Financial obligations
  • Liability of debt and assets
  • Division of property
  • Spending and saving strategies
  • Separate and marital property
  • Business ownership

It is important to work with an experienced attorney who is knowledgeable in matrimonial law as well as Arizona laws regarding prenup agreements. Canterbury Law Group can help you find the right professional in Arizona to discuss and create a prenuptial contract that best fits your relationship and marital expectations.

Can You Change Or Cancel A Prenup?

A prenup may be changed at any time but both parties must agree to the changes in writing. If a couple of items are changed, the rest of the prenup still stands. Should the couple want to terminate the prenup they can do so in writing.

Can You Sign A Prenup After You Are Married?

Some couples get married prior to signing a prenuptial. It is called a postnuptial agreement and the structure of the agreement is almost identical to that of a prenuptial agreement.

It can take from a few minutes to a few months to finalize a prenuptial agreement.  AVVO says, “Your best bet is to schedule a free 1/2 hour consultation with an attorney who can give advice after the facts are known.” Forbes says, “Presenting your intended with a prenup the week before the marriage is not good practice, and in some states could be used to overturn the prenup. For that reason, the idea of a prenup should be raised long before the marriage.”

 

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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Purpose of a Prenup

Defendants charged with crimes are almost always best served by obtaining a lawyer. Read on to learn more.

Purpose of a Prenup

A prenuptial agreement (“prenup” for short) is a written contract created by two people before they are married. A prenup typically lists all of the property each person owns (as well as any debts) and specifies what each person’s property rights will be after the marriage.

Who Needs a Prenup?

Contrary to popular opinion, prenups are not just for the rich. While prenups are often used to protect the assets of a wealthy fiancé, couples of more modest means are increasingly turning to them for their own purposes. Here are some reasons that some people want a prenup:

Pass separate property to children from prior marriages. A marrying couple with children from prior marriages may use a prenup to spell out what will happen to their property when they die, so that they can pass on separate property to their children and still provide for each other, if necessary. Without a prenup, a surviving spouse might have the right to claim a large portion of the other spouse’s property, leaving much less for the kids.

Clarify financial rights. Couples with or without children, wealthy or not, may simply want to clarify their financial rights and responsibilities during marriage.

Avoid arguments in case of divorce. Or they may want to avoid potential arguments if they ever divorce, by specifying in advance how their property will be divided, and whether or not either spouse will receive alimony. (A few states won’t allow a spouse to give up the right to alimony, however, and, in most others, a waiver of alimony will be scrutinized heavily and won’t be enforced if the spouse who is giving up alimony didn’t have a lawyer.)

Get protection from debts. Prenups can also be used to protect spouses from each other’s debts, and they may address a multitude of other issues as well. (For more details, see Nolo’s article Prenuptial Agreements — What the Law Allows.)

If You Don’t Make a Prenup

If you don’t make a prenuptial agreement, your state’s laws determine who owns the property that you acquire during your marriage, as well as what happens to that property at divorce or death. (Property acquired during your marriage is known as either marital or community property, depending on your state.) State law may even have a say in what happens to some of the property you owned before you were married.

Under the law, marriage is considered to be a contract between the marrying couple, and with that contract comes certain automatic property rights for each spouse. For example, in the absence of a prenup stating otherwise, a spouse usually has the right to:

  • share ownership of property acquired during marriage, with the expectation that the property will be divided between the spouses in the event of a divorce or at death
  • incur debts during marriage that the other spouse may have to pay for, and
  • share in the management and control of any marital or community property, sometimes including the right to sell it or give it away.

If these laws — called marital property, divorce, and probate laws — aren’t to your liking, it’s time to think about a prenup, which in most cases lets you decide for yourselves how your property should be handled. (For more, see Nolo’s article Is a Prenuptial Agreement Right For You?)

Making a Valid Prenup

As prenuptial agreements become more common, the law is becoming friendlier toward them. Traditionally, courts scrutinized prenups with a suspicious eye, because they almost always involved a waiver of legal and financial benefits by a less wealthy spouse and they were thought to encourage breakups.

As divorce and remarriage have become more prevalent, and with more equality between the sexes, courts and legislatures are increasingly willing to uphold premarital agreements. Today, every state permits them, although a prenup that is judged unfair or otherwise fails to meet state requirements will still be set aside.

However, because courts still look carefully at prenups, it is important that you negotiate and write up your agreement in a way that is clear, understandable, and legally sound. If you draft your own agreement, which we recommend, you’ll want to have separate lawyers review it and at least briefly advise you about it — otherwise a court is much more likely to question its validity.

Source: https://www.nolo.com/legal-encyclopedia/prenuptial-agreements-overview-29569.html

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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What Does a Prenup Do?

A prenuptial agreement (“prenup” for short) is a written contract created by two people before they are married. Read on to learn more.

Hire A Pre Nup Lawyer

Here are some reasons that some people want a prenup.

  • A marrying couple with children from prior marriages may use a prenup to spell out what will happen to their property when they die, so that they can pass on separate property to their children and still provide for each other, if necessary.
  • Clarify financial rights. Couples with or without children, wealthy or not, may simply want to clarify their financial rights and responsibilities during marriage.
  • Avoid arguments in case of divorce
  • Get protection from debts. Prenups can also be used to protect spouses from each other’s debts, and they may address a multitude of other issues as well.

If You Don’t Make a Prenup

If you don’t make a prenuptial agreement, your state’s laws determine who owns the property that you acquire during your marriage, as well as what happens to that property at divorce or death. State law may even have a say in what happens to some of the property you owned before you were married.

Making a Valid Prenup

As prenuptial agreements become more common, the law is becoming friendlier toward them. 

As divorce and remarriage have become more prevalent, and with more equality between the sexes, courts and legislatures are increasingly willing to uphold premarital agreements.

However, because courts still look carefully at prenups, it is important that you negotiate and write up your agreement in a way that is clear, understandable, and legally sound.

Source: https://www.nolo.com/legal-encyclopedia/prenuptial-agreements-overview-29569.html

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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Hire a Prenup Lawyer

A prenuptial agreement, also known as a premarital agreement, or prenup, enables a couple to set the conditions of the property rights for the marriage, as an example. Read on to learn more.

Hire A Pre Nup Lawyer

Reasons for Having a Prenup

Under state law, the spouses will receive automatic property rights unless a legally binding agreement states differently. If one spouse passes away or the marriage ends divorce, state law determines the distribution of the property. If the parties want to divide the property in a different way, it is necessary to devise a prenup.

Here are some typical reasons why you might want to create a prenup:

  • Providing for children from previous relationships 
  • Keeping finances independent. Some types of property obtained throughout a marriage automatically becomes a portion of the community or marital estate.  
  • Interpreting financial responsibilities throughout a marriage.  
  • Determining property rights in case of a divorce. 

Why You Need to Hire a Lawyer When Creating a Prenup

One of the greatest reasons in hiring a prenup lawyer is to stay away from a court stating that the prenup is unenforceable. Courts are inclined to be more wary about enforcing a prenup signed by a party that wasn’t independently legally represented. Under these circumstances, particularly if the prenup appears to be unfair to the party lacking legal representation or if there are issues about intimidation or pressure, the court may nullify the prenup justly.

Additionally, each state usually has strict timelines for implementing a prenup that are needed to be followed for it to be considered valid. For instance, you might be required to have it implemented a specific number of days prior to the wedding or you might be required to provide a certain amount of time for each party to review it prior to signing it. 

Preparing a Prenup

Prior to speaking with a prenup lawyer, a couple needs to have a clear comprehension of what to include in their agreement. Creating a summary of the conditions is an effective way to create an impartial agreement. A knowledgeable lawyer has experience in the type of conditions forbidden from being included in a prenup. 

Courts won’t enforce conditions that relinquish future child support, place limitations on future custody or visitation rights, or use financial motivation to encourage divorce. Furthermore, conditions that involve non-monetary issues: A court won’t enforce a non-monetary condition and can even retain the whole prenup if it includes conditions like the division of housework or the number of children to have. Neither will a court enforce a non-monetary condition and can even retain the whole prenup if it includes conditions like the division of housework or the number of children to have.

Source: https://ogbornelaw.com/prenup-lawyer/

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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How do I get a prenup?

Prenuptial Agreements are an increasingly common component in the setup of a marriage. Read on to learn more.

How do I get a prenup?

A prenup conversation should make both parties feel more secure regarding their finances and upcoming life. Some marriages do end in divorce and a prenup can help the divorce process run more smoothly as well as offering protection for your assets. Consider the following:  

Hiring An Attorney

Both parties should hire attorneys. You can find lawyers specializing in prenuptial agreements online or through personal recommendations.

Discussion

Have an in-depth conversation with the other party regarding every aspect of your finances with full disclosure of financial information. If you do not it may invalid the prenup in court. 

Draft

Investigate state laws concerning prenuptial agreements and assemble a complete list of assets Do not overlook including debts in the agreement. Similarly state clearly property that will remain separate and property which will be shared. You will also need to use the prenup to define what debts will be paid individually or shared between both parties. The prenup will also need to include provisions for spousal support and what will become of the marital home in the case of a divorce. You will also have to agree on who is responsible for the payment of bills, whether you will have combined or separate bank accounts as well as how large purchases will be financed. 

Also keep in mind the prenup needs to be in writing, dated and signed by both parties, it may require witnesses depending on the state you are a resident of, it must be notarized and three copies must be made.

  • A prenup must be it writing
  • The prenup should be signed and dated by both parties
  • Depending on your state you will need one or two others to witness the signing of the agreement
  • You must get the document notarized
  • Make three copies

Source: https://ogbornelaw.com/get-prenup/

Need a Divorce Lawyer in Scottsdale or Phoenix?

As proven legal counsel in family court, we have a network of Arizona attorneys, expert witnesses, mediators, tax specialists, estate planners, financial planners, child specialists, real property appraisers, adult and child therapists and parenting coordinators who are here for you if you ever need them. Our lawyersdivorce mediators and collaborative divorce attorneys in Scottsdale are here to make your divorce less stressful and keep you in control and the costs contained. Call today for an initial consultation at 480-744-7711 or [email protected]. Our family lawyers can also help with divorce litigation, child custodylegal guardianshippaternityprenuptial agreements, and more.

*This information is not intended to be legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs.

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How Much Does A Prenuptial Agreement Cost?

How Much Does A Prenuptial Agreement Cost

The average price of a prenuptial agreement for the US in 2020 is $2,500 with prices varying from $1,200 to $7,500 to $10,000 in the US for 2019. Read on to learn more.

Prenuptial agreement costs will vary depending on the agreement and its complexity as well as the assets you have. Often, lawyers will charge hourly fees when compiling these agreements and other will work on a flat fee.

Businessinsider says: “Typically, prenups cost around $2,500, but can cost more if you spend a while haggling out various issues.” – however on the low end you can expect at least am investment of $1,200 to $2,400 for a basic prenuptial agreement but again to quote Businessinsider: “…can cost more if you spend a while haggling out various issues.” It is important to understand this really only applies when your financial situation is not complicated. When it comes to the negotiation of issues that are far more complex or when you live in one of the countries major population centers, the cost can go up to $7,500 to $10,000 for each party involved in the prenuptial agreement.

Furthermore, GoBankingRates says: “Prenup price estimates are all over the map. One California firm says the average prenuptial agreement its attorneys write costs between $2,000 and $6,000 per person. Some charge a set fee; many charge by the hour. If you have no money, you have no prenup.” – Remember fees can change constantly, so it is a great idea to get a prenuptial attorney with experience to become part of the process as soon as you can.

When you think the average wedding in the US costs just under $27,000 and the average sale price of an engagement ring is a shade under $46,000 it puts the prenuptial agreement fees a little more in context – not to mention a prenuptial agreement offers you protection from a financial standpoint as you go forward in married life.

Prenuptial Agreement Cost Considerations

  • The assets you have
  • The complex details of the prenuptial agreement
  • Where you reside
  • The reputation and of the lawyer and the practice where they work
  • Negotiations that take a prolonged time to resolve
  • Lawyer fees for the prenuptial agreement
  • The negotiation of complicated and complex issues

Long Term Considerations

It is very fair to say if you and your soon to be spouse are already discussing details of a prenuptial agreement you are way ahead of the curve compared to many couples. There is no doubt talking honestly about your future relationship will pay dividends over time. If a marriage fails, it is never easy and the stating of ground rules regarding finances at the outset of a marriage can be of great benefit to both parties at a later date.

Discussing Prenuptial Agreements

This can be a tough topic to raise. It is a good idea to have the prenuptial agreement in place at least thirty days before the date of the wedding but the papers should be drawn up months beforehand as this allows everyone to look over the paperwork fully and gather a comprehensive understanding of the prenuptial agreement. Obviously, it is best if you and your spouse can discuss this before the papers are initially written – people often do these six months or so before the actual date of the wedding. This allows sufficient time for financial goals to be stated and agreed upon as well as other factors like lifestyle options and come with some establishing rules as you go forward together in your relationship.

Source: OgborneEngaging, Michelle N. “How Much Does a Prenuptial Agreement Cost?” Ogborne Law, PLC, 4 Dec. 2019, https://ogbornelaw.com/prenuptial-agreement-cost/.

Source: Hoffower, Hillary. “You Don’t Need to Be Rich to Get a Prenup – Here’s How Much You Should Expect to Pay.” Business Insider, Business Insider, 20 Oct. 2018, https://www.businessinsider.com/how-much-does-prenup-cost-2018-10.

Source: Spengler, Teo. “9 Reasons a Prenup Isn’t Worth the Cost.” GOBankingRates, Toggle Navigation Back, 7 Mar. 2019, https://www.gobankingrates.com/saving-money/relationships/reasons-prenup-isnt-worth-cost/.

Contact Our Prenuptial Agreement Lawyers In Scottsdale

Consulting with a talented Scottsdale prenuptial agreement lawyer or family law attorney who is knowledgeable and experienced in drafting and litigating premarital agreements will save you a great deal of grief and expense in the future. Contact Canterbury Law Group today.

*This information is not intended to be used as legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs. 480-744-7711 or [email protected]

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What Is A Fair Prenup?

What Is A Fair Prenup

A prenuptial agreement (known as a prenup) has the purpose of establishing certain assets brought into the marriage and protecting them in the event the marriage should fail or one of the partners becomes deceased. Another purpose for a prenup is the protection of an inheritance. This is very much the case in instances of second or third marriages where the welfare and future of children from prior marriages  have to be protected from subsequent divorce.

Fair Prenup

Prenups are good when they protect a party. It also establishes a route to follow for the future if the marriage ends in the death of a partner or a divorce and should avoid the need for future litigation. A prenup should have both parties represented by separate lawyers and it is vital to make sure there is a complete and full disclosure of liabilities and assets and the marriage is being entered into between two consenting adults. The agreement needs to be fair when it is signed and the enforcement should be fair as well, regardless of whether it is five years down the line or decades later. These are all primary aspects of a good and healthy prenup.

Unfair Prenup

A bad prenup often results when a party feels a great deal of pressure to sign, particularly on the eve of a wedding – and that is clearly unfair. Some agreements can be so one sided in favor of one spouse there would be no way an equitable solution could be agreed if the agreement was put into practice. Although each case is unique, some unfair features can include when both parties have to pay their own fees for legal fees during a divorce. Equal divisions of assets obtained in marriage when individual states often have different rules governing the allocation of assets, especially regarding property.  Sometimes agreements state one party will receive a set income in the case of a divorce which decades later can be wholly inadequate because of inflation and the shifting cost of living.  Agreements that in the case of a contested divorce that the “losing side” should shoulder all the attorney fees can been deemed void by a judge as fundamentally unfair. This kind of unfairness is often seen when one party is wealthier than the other and also the case when both parties are entering marriage for the first time.

Last Minute Prenup

The inherent problem with last minute prenups is the wedding is so soon, there is often not the time, or the party is not in a reasonable emotional state to negotiate the prenup in a way that is fair. It is a modern equivalent of the “shotgun wedding” scenario and often it is the female partner who is put in this situation by their fiancé who usually has far greater assets. In the U.S. it is traditional (and dictated by some religions) the family of the bride foot the cost of the wedding so there may already be a great investment in the marriage and the female partner feels as if she cannot back out and so she signs the unfair prenup despite their being a large deficit in the balance of power of the relationship. It is a very unfortunate egregious scenario that does not at all reflect well on the person trying to get the other party to agree and sign.

Advice For Fair Prenups

  • In marriages where there is a great deal of net worth, institute a phasing in of sharing assets obtained before the marriage over a number of years with a guarantee of support under certain circumstances.  This is a phase-in-over time approach of wealth transfer.
  • Make provisions for when things change. Remember an agreement can be reviewed once more and revised. Do not forget there is the option of a sunshine clause where after X amount of years, the agreement is no longer valid and it simply evaporates as void.
  • Be fair in your negotiations and avoid being greedy. Remember, you want a successful and happy marriage. if you focus on the negative, it is more likely to lead to a divorce down the line.

Source:

Gornbein, Henry. “How To Avoid Becoming A Prenup Horror Story.” HuffPost, HuffPost, 16 Jan. 2012, https://www.huffpost.com/entry/prenuptial-agreements-the_b_1088748.

Contact Our Prenuptial Agreement Lawyers in Scottsdale

Consulting with a talented Scottsdale prenuptial agreement lawyer or family law attorney who is knowledgeable and experienced in drafting and litigating premarital agreements will save you a great deal of grief and expense in the future. Contact Canterbury Law Group today.

*This information is not intended to be used as legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs. 480-744-7711 or [email protected]

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Should I Get A Prenup?

Should I Get A Prenup

Millennials are embracing prenups like never before – but is it right for you? Older generations have forever complained their offspring do things differently and marriage is not exempt from that. Millennials are getting married later in life and a prenup is becoming more common. Once only the choice of the wealthy, Millennials are getting prenups for non-financial reasons, too, reflective of the fact many Millennials put a higher value on experiences than material possessions. Therefore, Millennial prenups often cover “intellectual property” rather than physical or financial assets.

If you are a millennial and considering a prenup, read on to find out if it may be right for you.

What’s A Prenup?

Officially called a “Prenuptial Agreement” it comprises a legal document couples obtain before tying the knot. Its purpose is to make a determination of property division should the marriage end in divorce. It also protects one spouse from the debt of the other partner. Laws regarding what can and cannot be included in the agreement as well as what happens to assets that are accumulated during the course of the marriage differ from state to state. Normally a prenup does not address items earned |during the lifetime of a marriage – this has posed issues for lawyers as millennials often want to include concepts, ideas and assets that they may obtain in the future.

Why Are Millennials Getting Prenups?

When polled by their own member organizations, attorneys claim there has been a marked increase in the total amount of millennials seeking prenuptial agreements. Indeed, prenups are up around 62 percent for all sections of the population but the greatest spike has been for millennials. One reason is millennials are more aware of the high divorce rate that hovers around 40 percent. Therefore, millennials feel it is important to enter marriage with a plan as opposed to spending large sums of money should they later divorce. Millennials are also wanting to include more than just physical property in prenups. The thought being if a partner creates something (e.g. a company), their intellectual property should be protected in a prenuptial agreement. There is even a concept that a prenup can prevent couples from sullying the reputation of the other partner should the marriage end in divorce. This is considered important for professional occupations, particularly roles with a strong exposure to social media populations.

Do I Really Need A Prenup?

Prenups can be good but they are not always needed. if a couple has large financial assets it may be wise but there are also other reasons to consider a prenup. Your credit can take a major hit in a divorce and you may have to pay alimony as well as the debts of your spouse and of course you will be required to pay child support as well as your own living expenses. Prenups are also good at avoiding potential debt traps like the other person’s student loan debt. It is a fact millennials have more student loan debt than any previous generation and a couple who has to shoulder additional debt when they marry should certainly be considering a prenup to keep those debts solely on the shoulders of the person who incurred them.

How Do I Get A Prenup

Prenups are not free but they cost a lot less than what you would pay lawyers in a subsequent divorce. Each party should have their own legal representation. Thankfully, most lawyers will assemble a prenup for a flat fee. You will have to spend time deciding on the proposed division of debts and assets you both have, and your lawyers can guide you through the rest of the process.

Conclusion

More than ever, couples are choosing prenups when they marry. A lot of stress can be saved if alimony, assets and debts are divided up prior to the marriage taking place, should the marriage end in a divorce.

Source:

“Should You Get A Prenup?” Money Under 30, https://www.moneyunder30.com/should-you-get-a-prenup.

Contact Our Prenuptial Agreement Lawyers in Scottsdale

Consulting with a talented Scottsdale prenuptial agreement lawyer or family law attorney who is knowledgeable and experienced in drafting and litigating premarital agreements will save you a great deal of grief and expense in the future. Contact Canterbury Law Group today.

*This information is not intended to be used as legal advice. Please contact Canterbury Law Group today to learn more about your personal legal needs. 480-744-7711 or [email protected]

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