Thinking about Prenuptial Agreements, or ‘prenups’ as they are commonly known, may not be the most romantic topic when you’re madly in love and planning your “happily ever after.” But, believe it or not, prenups can actually be a smart move for many couples. A prenuptial agreement is most often used to define financial arrangements and expectations between spouses before their marriage.
Rather than viewing prenups as a sign of doubt or cynicism, consider them as proactive financial planning tools. By having conversations about financial contributions before marriage, you can establish expectations and address concerns about financial support and asset sharing. This can help strengthen the committed relationship and assist couples in addressing issues that may have otherwise been difficult to discuss. Prenuptial agreements help provide clarity and peace of mind regarding what happens in the event of death or divorce, particularly when you have children or assets from a prior marriage. Some couples may find prenuptial agreements unnecessary, but if you find yourself in any of the following situations, a prenuptial agreement might be particularly beneficial:
- significant wealth disparities
- anticipated inheritances
- complex assets
- children from previous relationships
- ownership of a business or high-paying career
As long as the prenup is based on full disclosure of both parties’ financial positions, is created without any coercion, and is formally documented, it is generally enforceable by the court. While hiring an attorney to draft your prenup comes with a cost, it pales in comparison to the expenses of a contested divorce. Likewise, no one should sign a prenup before consulting an experienced family law attorney.
Call Millar Legal
Having a prenuptial agreement in place can provide financial security. I help people protect and enforce their rights in marriage, divorce, custody, paternity, and modification proceedings. If you or someone you know needs help with a prenuptial agreement or other family law need, please call 801-424-5280 to schedule a consultation, or use our online scheduling tool.
