When you get married, everything is unicorns and rainbows, and you may not be thinking about how your finances can be affected. However, once divorce rears its ugly head, you may regret not having made arrangements to protect your bank accounts and investments.
If you are about to get married, it’s a good idea to consult with a Charlotte Divorce Lawyer about creating a prenup or postnup agreement. Read on to find out more about how these agreements can help protect your future.
What is a Prenuptial Agreement?
A prenuptial agreement is an agreement made by a couple who is about to get married. It sets out rules that will govern their property debts, income, and expenses if the marriage dissolves.
When you marry someone, some of the money you have and the assets you own before marriage may become joint property in the eyes of the law, but a prenup helps protect the properties each spouse owns. It also helps protect them from debt their spouse may incur during the time of their marriage.
A postnup is similar to a prenup, but the agreement can be arranged at any time during their marriage.
When Should You Consider Getting a Prenuptial Agreement?
A prenuptial agreement is not right for every couple, but it is a good idea if any of the following applies to your situation:
- You have children from a previous marriage.
- You are concerned your spouse may incur debt during your marriage.
- You own a business.
- You are sacrificing a successful career to get married.
- You have significant assets you want to keep separate.
Your prenuptial is an agreement that can be customized to fit your situation. Also, because the details of your finances are agreed upon before you get married, it can minimize arguments that may occur due to your financial arrangements. In this way, a prenup can make for a happier marriage.
What Does a Prenup Agreement Protect?
A prenup agreement may protect different aspects of your finances, depending on the state in which you reside. Here are some of the things it can protect for North Carolina residents:
- It distinguishes between property owned by one spouse as opposed to a property that is jointly owned.
- It protects one spouse from the other debt.
- It supplements and defends the estate plan.
- It provides for children either spouse may have from a previous relationship.
- It makes it easier to distribute property evenly in the case of a divorce.
- It keeps family heirlooms, business interests, and property in the birth family.
- It specifies which spouse is responsible for which financial items.
What Should My North Carolina Prenup Include?
For a prenup to be recognized in the eyes of the law, it must include some aspects as follows:
- The prenup must be in writing and must be executed before the marriage.
- It must be fair and reasonable.
- It must be based on full disclosure by both parties of all assets and liabilities.
- If the parties seek legal representation, each party must have their own lawyer who represents them. There cannot be one lawyer representing both parties.
What Are Some Common Disputes That Come Up When Creating a Prenuptial Agreement?
A prenuptial agreement is not easy to make. After all, it puts each spouse’s financial interests first, alluding to the fact that these could be threatened during the marriage. Therefore, it is common for disagreements to occur.
Here are some common disputes that come up when creating a prenup and what you can do to prevent them from happening.
Common disputes include:
- Whether to create a prenup at all
- What should be included in the prenup
- How long the prenup should last- a sunset clause can be put into place specifying when the prenup should expire, or it can stand indefinitely.
Other disputes can occur that question the agreement’s validity. This can be the case if:
- One spouse claims they were pressured into the agreement.
- One or more of the provisions were invalid.
- The information in the agreement is false or incomplete.
- The financial information disclosed was false or incomplete.
- The spouses did not each have their independent counsel.
- The agreement or some part of it is ‘unconscionable’ or ‘grossly unfair.’
It is best to consult with a reliable lawyer to avoid disputes. The right lawyer will help you create a prenup that works for both of you and one that will be recognized in the eyes of the law so it can be enforced fairly and without conflict.
Finding the Best Lawyer for Your Prenup Agreement
If you are looking for a Charlotte NC Family Law Attorney to represent you in your prenup agreement, the Remington & Dixon team is highly recommended.
Remington & Dixon, PLLC has years of experience in the field of family law. They pride themselves on offering top-notch representation, an honest evaluation of cases, and affordable fees. They take the allowable stress off your hands, giving you the peace of mind you need.
Marriage can be a beautiful thing, but when financial stress sets in, things can get complicated. A prenup can set out a clear path regarding your finances, eliminating gray areas that can lead to disputes and conflict. Consult a legal professional to find out if a prenup is right for you so you and your spouse can look forward to years of wedded bliss.