Most people in the Northeast Atlanta metro area would agree that the thought of executing a prenuptial agreement prior to getting married is not very romantic and may even signal doubts that the marriage will last. But this reputation is not warranted. The fact is that not every marriage will last. Having a prenup in place can protect the financial interests of both parties in the event of a divorce. They may not be romantic, but they are realistic and practical. The following are some tips to keep in mind when executing a prenup.
Do not wait until the last minute to execute a prenup
Prenups should not be rushed into. Each party needs time to understand the terms of the prenup, to ensure they agree to the provisions included in the prenup and to ensure that all final document is thorough and includes all necessary provisions. A prenup that is executed at the last minute may not hold up in court if the couple later divorces.
Ensure your prenup is fair
A prenup that is too lopsided, favoring one party well over the other, also might not be enforceable in court. The provisions in the prenup should be fair to both parties while still meeting each party’s best interests. To this end, it is generally mandatory for both parties to a prenup to disclose the full extent of their assets and debts, to ensure everyone has a clear understanding of what they are working with.
Hire an attorney
Each party to a prenup should have individual legal counsel. This is because a prenup is essentially a legal contract. The attorneys can ensure their clients best interests are met and that the language of the prenup is legally sound making the agreement enforceable should the couple later divorce. Attorneys can also explain the terms of the proposed agreement so that each party understands their rights and responsibilities under the prenup.
Divorce is a reality
Most engaged couples expect their marriage to last until “death do us part” but the reality is that divorce does happen. Having a prenup can make the divorce process run smoother as financial issues will already have been worked out. This post does not contain legal advice. You can visit our website to learn more about prenuptial agreements.