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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.

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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.

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3 Reasons You Should Get a Prenuptial

While prenuptial agreements are largely popular amongst the rich and famous, average people really ought to consider prenups as well.

Depending on your financial status and ongoing relationship, signing a prenup might be a very, very good decision. Divorce lawyers in Scottsdale recommend the following three reasons to sign a prenup before your wedding day.

CHILDREN

If either you or your spouse has children from a different relationship, it’s critical to sign a prenup to ensure that they will be taken care of in the event of divorce or death. As of 2013, 4 out of 10 marriages included at least one person who had been in a previous marriage.

With a prenup, assets are protected, and an estate plan is carefully laid out for children. Ultimately, you need to consider whether you’d want your assets going to the surviving spouse or directly to your children from a previous marriage. A will is not enough. You want a prenup to solidify the terms of the will.

DEBT

While prenups oftentimes protect wealth, they can also keep you free from your spouse’s debt. If one or both of you are entering the marriage carrying debt, a prenup will specify who is responsible for paying off the debt both during and after the marriage.

STAY-AT-HOME-PARENT

When one of the parents stays home with children, he/she is saving the family, on average, over $100,000 per year. This is a significant amount of money, considering that with the stay-at-home parent, the work would likely have to be contracted out, which can be costly.

If/when a marriage ends in divorce, there is no real way to identify those savings. This can put the stay-at-home parent in a tough situation. With a prenup, both parties are protected.

As a final note, take time to ensure that your prenup is mutually beneficial. Ultimately, it should be a way to show that you and your spouse truly care about each other.  For more contact our law firm at [email protected]

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Growing Trend of Prenups in 2017

The family law attorneys at Canterbury Law Group suggest soon-to-be married couples hire counsel and obtain a prenuptial agreement before saying “I Do.” Prenups are actually very common amongst all ages and classes of Americans, and they are set to increase in popularity even more through 2017.

Prenuptial agreements are a smart investment as they can provide important advantages for both spouses. Thanks partially to the drama in Hollywood, many people think negatively when they hear the term “prenuptial agreement.” However, this is not always an accurate portrayal. In fact, prenups are used by both parties in a marriage to plan for the future and arrange things legally that can be mutually beneficial to both spouses. Whether you have a business, inheritance or children to protect, a prenup is the best bet.

If you may be interested in getting a prenup, here are expert tips from our law team:

Do not wait until the last minute – Begin the prenuptial agreement process six months to one year before your actual wedding date to ensure that both parties have ample time to review it and to retain separate legal counsel. Last-minute contracts are much harder to enforce later. It may also make your soon-to-be spouse nervous if you wait too long to discuss these options.

Do not let your emotions lead. The emotions of falling in love can alter reality, so be sure to work with trusted legal advisers on the agreement. You must protect yourself and your future from possible hardships.

Make your prenuptial agreement realistic and legal. The goal is to have a contract that is enforceable and provide each spouse with an understanding of what they will get if the marriage ends. A good legal team will help you understand all aspects and options.

Research your state’s law regarding marriage and property. Marriage property laws are different from state to state. Canterbury Law Group can help you understand the laws in Arizona, Nevada and California for prenuptial agreements.

If you need prenuptial agreement help in Scottsdale, Contact Canterbury Law Group today to schedule a consultation. We can help you secure your future.

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Prenups in Scottsdale

Prenuptial agreements are very common amongst all ages and classes of Americans, as they can provide important advantages for both partners in a proposed marriage. Many people have an instinctively negative reaction when they hear the term “prenuptial agreement.” However, this is not reality. In fact, prenups are often used to plan for future affairs and arrange things legally in ways that are mutually beneficial to both spouses.

The attorneys at Canterbury Law Group typically suggest prenups for people in their 30s or older with any substantial assets, children or a former spouse. Prenuptial agreements are particularly useful for people who are entering into a second marriage. In the case of remarriage, one or both spouses may already have significant assets, and may want to arrange that blood related family members from the first marriage inherit property and assets in the event of divorce or death after the second marriage.

The family law attorneys at Canterbury Law Group work diligently to provide prenuptial agreement advice in Scottsdale. If you’re considering a prenup, here are four tips from our legal experts:

  • Plan ahead. Begin the prenuptial agreement process six months to one year before your wedding dates to ensure that both parties have ample time to review it. Last-minute contracts are harder to enforce.
  • Eliminate your emotions. The emotions of falling in love can alter reality, so be sure to work with trusted advisers on this legally binding agreement.
  • Make your agreement realistic and legal. The goal is to have a contract that is enforceable and provide each spouse with an understanding of what they will get if the marriage ends.
  • Research your state’s law regarding marriage and property. Marriage property laws are different from state to state. Ideally, you have a licensed attorney handle the entire process from start to finish so you can focus on the exciting wedding to come.

If you need prenuptial agreement help in Scottsdale, Arizona, then contact Canterbury Law Group today to schedule a consultation. 480-744-7711.

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