Family attorneys fight hard for their clients, and they often have to help those clients navigate difficult situations. Perhaps you are divorcing your spouse, and you need help securing your financial future through alimony. Or maybe you are trying to adopt a child who has been the victim of abuse, and you need a lawyer to guide you through the legal process of gaining guardianship. A good family lawyer does not just help their clients navigate the law; they help their clients move forward into better life situations. We appreciate the work these attorneys do, and we have dedicated this blog to spread the word about their profession.
Are you engaged to your spouse with a wedding date approaching, and you have been discussing a prenuptial agreement? If so, it will help to know what to consider when creating your agreement with a lawyer.
Disclose Premarital Assets
Start by going over what assets each of you owns individually before entering the marriage, and what will happen to those assets if a divorce were to happen. Some people agree that the assets they had going into a marriage, such as a vehicle or a home, will still belong to that person after a divorce. However, there also may be a desire to split assets in a unique way.
For example, if your spouse had a home before you met them but you started contributing to paying the mortgage while you were dating, you may feel as if you have an obligation to part of the equity that has been built up over the year. Your spouse may have given you their old car when they upgraded to a new car. While both cars are in each person's name, you depend on the car you have been driving for transportation and feel that it would be fair if you retained possession of it.
Some people want a prenuptial agreement to protect potential inheritances that they may encounter later in life. It is one thing to inherit small personal property items or cash that needs to be split. For example, it can become much more complicated when someone inherits a business. You can't exactly split up a business just because of a divorce, especially when people depend on the business for employment.
You and your spouse will be building up savings to eventually retire together at some point. Unfortunately, you may end up getting a divorce soon before you enter retirement, which makes matters much more complicated. A common problem is when both spouses plan to depend on one person's pension, which is more than enough to support two people. If you get divorced and no longer have that safety net, you could be left with no retirement savings. That's why many people decide how a pension or 401K will be split after a divorce, which will make sure that neither person has to work far past when they planned to retire.
These are just a few things that need to be decided on for a prenuptial agreement. Work with a prenuptial agreement lawyer to discover what else needs to be discussed.