Premarital and Postnuptial Agreements
Premarital Agreements:
Premarital agreements, also known as prenuptial or antenuptial agreements, are contracts entered into prior to marriage.
This is a very common and smart way to protect yourself and your future spouse. Premarital agreements establish the property and financial rights of each spouse in the event of a divorce. While no one wants to think about divorce before they are even married, the sad truth is that today 50% of marriages in the United States end up in divorce. This is why, depending on your current financial standing, it is important to consider creating a premarital agreement.
Premarital agreements can protect one party from taking on debts of the other, protect specific assets of one party, determine the manner in which property is passed on after death, simplify property division after divorce and clarify financial responsibilities of each party. These agreements can be beneficial when it comes to protecting the assets of high profile, or wealthy spouses or to also protect family-owned businesses.
Deciding whether a prenuptial agreement is the best course of action to take is something that must be discussed between you and your future spouse. These agreements should not be taken lightly as they are binding agreements that can have consequences in the future.
Often times the discussion of a prenuptial agreement can cause stress on a relationship but that doesn’t mean you should avoid the topic all together. Some benefits of a prenuptial agreement in the case of divorce include:
• Less future court involvement (which also means lower costs for both parties);
• Makes financial agreements official with spouse;
• Protect family businesses and any associated assets;
• Fewer property conflicts; and
• Avoid shared debt liability.
Just like car insurance, you don’t buy it because you think you are going to crash your car, you have it in case something ever does happen. If the time ever comes when a prenuptial agreement is necessary, it is important to make sure that yours is valid and will be upheld by the court. It is important to consult an experienced attorney while drafting a prenuptial agreement because there are many conditions or factors which could render your agreement invalid.
Postnuptial Agreements:
Even if you are already married and wish that you had signed a prenuptial agreement, it’s not too late! Massachusetts also recognizes postnuptial agreements. However, as with prenuptial agreements, it is important to consult an attorney to insure that you have an agreement which will be recognized by the court.
If you want to end up with a clear and binding premarital or postnuptial agreement you need to enlist the professional services of an experienced family lawyer. Attorney Allen of the Allen Law Group, P.C. has the experience you need to help you through any pre or postnuptial agreement.
Attorney Aaron E. Allen of the Allen Law Group, P.C. is an experienced divorce and family law attorney you can rely on. Attorney Allen has over 18 years’ experience in helping individuals and families with divorce and other family law needs. Contact Attorney Allen at (978) 219-9694 and/or at aaron@allenlawgrouppc.com today!