Written by Canterbury Law Group

What to Think of Before Marriage – Should You Get a Prenup?

Prenuptial, it isn’t the most pleasant conversation to have while planning out your wedding. For many cases though, a prenup is essential to have. For others though, they can just as easily do without one.

A prenuptial agreement is a legal document that predetermines someone’s property holdings before marriage. The purpose is that someone is ensuring the disposition of the property in case the marriage ends in divorce. Not only that, but it also protects one spouse from the other spouse’s debt if they have any prior to marriage.

How do you know you should get a prenup before marrying? It varies couple to couple, depending on their financial situation, investment account levels, and anything one feels that it should belong to them regardless of whether the marriage survives. However, there are a few important guidelines to consider.

If you’re wondering about prenuptial and other legal matters around marriage, contact your divorce lawyer in Scottsdale for information.

A Prenup Can Usually Speed Up the Divorce Process

Although you don’t enter a marriage with the intent of getting divorced, it can be beneficial to know that a prenup can speed up the process just in case. Without one, you’re likely to spend months in the courtroom discussing legal matters, marital property allocations, and having to decide who gets what.

By signing a prenup, you won’t have to go through the fighting and arguing over the property. Instead, you can simply the matter and move on with your life a lot quicker.

You Can Reach a Fair Deal

Unless your divorce is uncontested and mutual and the two of you can easily agree on who gets what, deciding who gets certain properties from the marriage can be time-consuming, challenging, and frustrating. This is when a divorce can get real ugly quick.
A prenup, if deemed valid by the Court, saves you from all of this. The legal document helps you and your spouse reach a fair arrangement in case of a divorce, usually in a swift and rapid manner.

Protects You From Debt

In today’s world, debt is more common than ever. Signing a prenup can protect you from your spouse’s debt that he or she incurred before the marriage. The legal document will outline what happens with the debt if a divorce occurs. If the debt was not your debt, to begin with, it could save you a lot of money in the long run.

The Downside to a Prenup

One of the most obvious downsides to a prenup is the lack of romance they instill. They can cause issues in a relationship. The partner being asked to sign a prenup may feel like the other partner may not trust him or her. This lack of trust could continue and end up damaging the relationship beyond repair.

Another reason is that many feel a prenup is basically a plan for heading to an ultimate divorce. When someone asks for a prenup, they may not believe the marriage will last. Again, this can cause issues in the relationship, whether or not the person asking for the prenup believes this.

Before asking for a prenup, seriously think about whether or not your situation needs one. Asking for one when the other partner doesn’t agree on it could end up being a deal breaker before the wedding even happens. Prenups provide protection and help settle the worst case scenario, but they can also bring up unpleasant feelings and you may lose your fiancé.

Written by Canterbury Law Group

What You Need to Know About Prenups and Postnups

When it comes to dealing with marital finances, people generally think about two types of spousal contracts: a prenuptial agreement entered into before a marriage and a postnuptial agreement entered into after a marriage.

Sure, most readers have at least heard of a prenuptial (also known as a “prenup” or an antenuptial agreement). Prenups are used to clarify how certain assets and liabilities will be distributed if the marriage were to end in a divorce or a death. While this may seem less-than-romantic, it is actually an important step in marriage for many persons.

A prenuptial agreement can also determine what support from a spouse will look like after a divorce. A prenup is generally used to protect and preserve assets that one person brings into a marriage, however, it can also be used to protect a spouse against the debt of the other. Lastly, prenups can be used to protect the inheritance of children from a previous marriage so that the biological wealth is assured to pass to the biological children from prior marriages.

As you consider filling out a prenuptial agreement, divorce attorneys in Scottsdale recommend that you follow a few important steps. For one, you want to make sure that both parties honestly and completely disclose all assets and liabilities. This disclosure should be overinclusive in the document. In addition, each party should have ample time to read and review the document (with an attorney for each partner) before signing. A prenuptial agreement should be signed by both parties without any fraud or coercion.  Do not under any circumstances sign a prenuptial agreement on the eve of your wedding.  Plan far in advance to give both sides several months to complete the process.

Having said all of this, one significant question remains: what if you didn’t sign a prenup before marriage?

Perhaps your marriage is on the rocks or maybe you just want to protect certain assets that are not secured in writing.  Enter the postnuptial agreement.

These are many reasons why couples decide to form a postnuptial agreement, which is a legal document designed for couples who are already married or in a civil union who wish to contractually change their futures.

Similar to a prenuptial agreement, a postnuptial agreement establishes by contract how a couple’s assets will be divided in the unfortunate event of a divorce, legal separation or death. Furthermore, it establishes any amount of spousal support that one party will pay to the other if the marriage were to end.

If you’re already engaged or on the verge of marriage, consider signing a prenuptial agreement before exchanging vows if you have significant assets or liabilities.   Even if you are currently married without a prenup, it’s never too late. You can sign a postnuptial agreement that will set a lot of things in stone. Trust us when we tell you that you won’t regret it.