So, you’ve spent some time getting to know your current partner, girlfriend, or significant other. You’re ready to take the next step and propose (or thinking about it, anyway). You’re not alone! There’s something about the holiday season, especially December – maybe it is the end of the year, being surrounded by loved ones, twinkling lights, that creates the perfect atmosphere for marriage proposals. So you finally popped “the question” and put a ring on it.…CONGRATULATIONS! You’re ENGAGED! Let the wedding plans begin!
BUT WAIT!! BEFORE TAKING THE PLUNGE – GET A PRENUP!
Nobody plans on getting divorced, but the hard truth is marriages end in divorce and divorces always involve money. Before you tie the knot, get a prenup! Prenuptial agreements protect premarital assets and can address the following eight topics:
- the rights and obligations of each party in any property owned by either or both of them;
- the right to buy, sell, manage, and use property;
- the distribution of property upon divorce, death, or the occurrence of any other event;
- the establishment or elimination of alimony;
- the making of a will or trust to carry out the terms of the prenuptial agreement;
- the disposition of death benefits from a life insurance policy;
- the choice of law governing the prenuptial agreement; and
- any other matter that does not violate law or public policy.
Prenuptial agreements must be signed by both parties and are based on the anticipated marriage of the parties, becoming effective upon marriage. It is a great way to manage expectations and discuss challenging topics such as property and finances as a couple. Reports have found it establishes a deeper amount of trust among couples and creates control over your financial future.
While the future is uncertain, one thing is for sure -having a prenuptial agreement in place will save you thousands in litigation and reduce stress in the event of divorce.
If you have questions about a prenuptial agreement and how to protect your future assets and earnings, call Michel Watson Law to schedule a consultation.