Is a prenuptial agreement right for you and your situation? All couples should consider a prenuptial agreement to outline their financial values and goals before and during the marriage. But ultimately, that decision is up to you and your future spouse. Here are some of the frequently asked questions (FAQs) about a prenuptial agreement and our answers to help guide you in determining if it’s right for you.
Why would I need a prenuptial agreement?
Prenuptial agreements can greatly reduce the cost, stress and complications in the unfortunate event of divorce or death. Think of them like a marital insurance policy. You hope to never have to use it; but in the event you do, you will be happy that it’s in place.
Also, prenuptial agreements are very diverse and can include the items that you, as a couple, want to manage and exclude items that do not apply to your situation.
Should we have the same or separate attorneys?
It is very important to have your own legal counsel to explain the prenuptial agreement and the potential missteps that could affect you in the event of a divorce.
When you hire an attorney to represent you, he/she is responsible for suggesting changes to the agreement that can greatly influence your outcomes, if the agreement becomes necessary.
It’s important that both partners have separate attorneys to support them in creating an independent position to maintain.
If one attorney offers legal advice to both partners, the agreement itself could possibly be considered invalid.
How much will it cost?
Costs vary but are based on your specific details in the agreement–such as how many accounts are being addressed, how much real property is being addressed, etc.
Can we change our minds about the prenuptial agreement later?
Couples have various options to draft an agreement that best represents their mutual desires. Many couples have included provisions that dictate how to cancel the agreement after certain conditions have been met or a certain timeframe has passed.
What is not allowed in a prenuptial agreement?
You cannot direct custody, parenting time, or child support in a prenuptial agreement. The agreement focuses on accounts, debts, and properties.
What does it mean to “re-up the prenup”?
“Re-up the prenup” is a reference to making a change or update to an existing agreement. This change to the prenuptial agreement will be prepared by your attorney in the form of an addendum. After this addendum has been signed and witnessed, it becomes a portion of the original agreement.
Do you have additional questions or are you not sure if you should consider a prenuptial agreement? Unsure about how to protect and establish your financial future with your new spouse? Contact our team at (770) 212-9168 for a consultation. We are here to protect your rights and interests.
