What is a Prenuptial Agreement?
If you're planning to get married, it's to your advantage to consider a prenuptial agreement. A prenuptial agreement is a legally-binding contract that specifies how the parties wish for their marital and separate property to be allocated, should the marriage end in divorce. Many couples have found prenuptial agreements to be an effective way to protect certain assets and property from equitable distribution laws, which state that marital property is to be divided and allocated "equitably," regardless of which party's name is on the title or deed. In a sense, prenuptial agreements take control away from the courts and give it to the parties involved.
Prenuptial agreements can also be drafted to convey a couple's wishes in regards to how child custody, child support, and alimony should be handled in the event of a divorce.
What are the Benefits of a Prenuptial Agreement?
In addition to protecting marital and separate property from equitable distribution, there are many other benefits to signing a prenuptial agreement. First and foremost, prenuptial agreements reduce conflict during a divorce. In divorce cases where there is no prenuptial agreement, either a judge or the parties will have to settle the terms of the divorce. This can lead to conflict when the parties disagree over such issues as child custody, child support, spousal support, or property division. However, when there is a prenuptial agreement, the task of determining how these marital issues will be resolved has already been done. Because a majority of the major issues have already been resolved or settled, the entire divorce process moves along much more quickly, which ultimately saves both parties a great deal of time and money in the long run.
During your initial consultation, an experienced attorney from our firm will review with you the critical facts in your case. We believe in starting with your end goals and strategizing backwards to ensure the most efficient and cost effective method of attaining your desired result.