Deciding on whether to sign a Prenup is a big decision and one that you should not take lightly. When two people come together in marriage, they share not just their lives but their cash, properties, bonds, assets, and more.
In highly contested divorce cases, the most contested aspect is property division. A Prenup can simplify this complex process by simplifying matters such as alimony, shared debts, and the dividing of assets. If you are considering whether or not a Prenup is right for you and your spouse, you will understandably have big questions such as: do I need to involve my spouse in this decision? Please keep reading and allow us to clarify this for you.
What is a Prenup?
A Prenup (or Prenuptial Agreement) is a contract one enters with their spouse before marriage. It outlines, in the event of divorce, the dividing of assets and property, the handling of debts, and other messy financial issues. It can also help determine whether one spouse will pay the other alimony upon the ending of the marriage. On the other hand, in marriages with high net worth, Prenups can also help during the marriage.
During a divorce, regardless of the presence of a Prenup, your properties, assets, and debts will be divided, and your finances split. Without a Prenup, state law will determine these things for you. With a Prenup, you and your spouse can make arrangements that suit both of you and that are mutually beneficial.
Does My Spouse Need to Know?
In short: yes. Prenups must be agreed upon by both parties and list the assets, items, and other properties each party will receive in case of a divorce. It will also outline the splitting of your respective financial lives. Both you and your spouse will work with your lawyers in outlining and agreeing upon the terms therein, and both of you will have to sign showing complete understanding and agreement.
Let Us Help You.
Whether or not you have a Prenup, a divorce is never fun. It can be a rocky and challenging journey to travel, especially without the right team in your corner.
We can walk you through the creation and implementation of your Prenuptial Agreement and find a path forward that works best for you. To learn more about Prenups and advice on whether one is right for you, please contact us at 404-738-5805.