Prenuptial agreements are frowned upon by some as a too-practical intrusion into what should be a romantic lead up to marriage. Some, however, see prenups differently: as a means of clearing the air so that both parties can enter into marriage without nagging financial concerns.
Anyone can establish a prenup, but they are especially useful for those entering into marriage with significant assets and for those who have been married before.
Prenuptial agreements can serve many purposes, including:
- Defining premarital property and debt
- Keeping a family business in the family
- Protecting an inheritance for a former spouse or for children from a different relationship
- Providing a framework for resolving marital disputes
- Establishing terms for future potential alimony arrangements
Remember, poorly drafted prenups are likely unenforceable and will not achieve their intended goals. If you are seeking to establish a prenup, it is important to work with an experienced attorney who knows how to draft documents that stand up to scrutiny.
A postnuptial agreement serves the same purposes as a prenuptial agreement, but is established during marriage rather than prior to it. Postnuptial agreements can foster harmony in a marriage by defining what is marital and what is separate property.
Whether you are seeking to establish a pre- or postnuptial agreement or are being asked to sign one, a knowledgeable family law attorney can help you understand your rights and options.