For many couples who are engaged to be married, the future can be an uncertain subject. This is especially true when one partner has substantially more assets coming into the marriage than the other. In order to avoid conflicts in the future and enter the marriage without any misunderstandings, a pre-nuptial agreement could be the best option.
If you are considering a pre-nuptial agreement, let a dedicated marital agreements attorney advise you of your options. The process of drafting a fair and reasonable pre-nuptial agreement could be difficult without legal counsel. A Troy pre-nuptial agreements lawyer could draft an agreement that is right for you and your future spouse.
A pre-nuptial agreement is a type of contract executed by two people who intend to be married. Also commonly referred to as an ante-nuptial agreement, the pre-nup allows an engaged couple to resolve property division questions that could arise upon their death or divorce.
A pre-nuptial agreement could set out a variety of decisions made by the couple, including identifying certain assets as individual property instead of marital property. It could also specify an agreed-upon amount of spousal maintenance in the case of a divorce.
These agreements are executed prior to the marriage, meaning that they are legally binding for the full term of the union. With these agreements in place, both spouses can move forward with a clear understanding of their financial footing.
Pre-nuptial agreements are often considered to be exclusive tools of the wealthy. While individuals with significant assets can benefit from a pre-nuptial agreement, these contractual arrangements could benefit any couple, regardless of income or assets.
One of the important facts regarding pre-nup agreements is that it is possible to customize them. An agreement between one couple could differ substantially from that of another couple. An attorney serving the Troy community could advise someone further on the benefits of a pre-nuptial agreement.
Due to the flexibility of these legal documents, pre-nuptial contracts can address a wide range of matters between a couple engaged to be married. This starts with the property rights held by each partner. It can make clear that certain property is treated as individual property and cannot be distributed by the court during a divorce.
In addition to distributing assets, a pre-nuptial agreement could also determine how marital debts are split. Most debts that are accrued during a marriage are treated as marital debts but a predetermined plan could identify which spouse is responsible.
These agreements could also cover the right to own a family business. Many people that own a closely-held family business will draft a pre-nup that prevents the business from being broken up or sold. It can also cover what happens to marital property following the death of a spouse. A Troy pre-nuptial agreement lawyer could ensure that language is included that prevents one spouse from selling certain property when the other spouse passes away, even if it was owned by them as a couple.
Pre-nuptial agreements are a powerful tool for couples who seek peace of mind prior to their wedding. By addressing difficult issues upfront, there is a reduced risk of unpleasant surprises or confrontations later in life. Before you pursue one of these contracts on your own, consider a discussion with an experienced attorney. Call us for a complimentary consultation and learn how a Troy pre-nuptial agreements lawyer could set you up for your future.
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