There are many cases where an individual may have incurred a large amount of debt; including student loans, mortgages, and credit card debt. By the same token, many times an individual has accumulated great wealth. A premarital agreement can benefit both spouses and is a good option to discuss prior to entering into marriage.
Who Should Have A Premarital Agreement?
An individual with significantly more assets or wealth than the person they are considering marrying should carefully assess the benefits of a prenuptial agreement. An individual with little or no debt who is marrying a person with significant debt should also consider the benefits and protection of a prenuptial agreement. Additionally, couples entering into second marriages should carefully consider a prenuptial agreement. A premarital agreement is a document that protects both persons’ assets from being divided if a divorce were to occur and/or it protects the parties from incurring their spouse’s debt in the chance of a divorce.
If you are in a situation where a division of assets or debt could alter your future, affect your children, or drastically affect your net-worth, then you will benefit from discussing your case with an attorney from our firm. Both parties can be protected through a fair agreement, and in many situations establishing these guidelines before marriage can open the gates for communication about finances going forward.
Do both my fiancé and I have to hire lawyers in order to have a premarital agreement?
It is recommended for each party to hire legal counsel to explain what might happen if the marriage ended and there was not a premarital agreement. Having an experienced premarital agreement lawyer assist you with creating and negotiating a premarital agreement is also helpful because there might be some issues you didn’t think about. For example, should the premarital agreement last forever? Or should it become null and void after you have been married for a lengthy period such as 20 years?
We Tailor Premarital Agreements To Suit Your Needs
At OH&F Law Firm in Omaha, Nebraska, we create prenuptial agreements that are designed to achieve the specific objectives of each couple. Effective agreements cannot be accomplished using preformatted documents.
We will walk you through every detail you may wish to address and let you decide what to include in your agreement. Your agreement may include:
Your Agreement Must Be Able To Withstand Challenges
In many ways, a premarital agreement is an insurance policy that protects against costly litigation if a marriage ends with a contentious divorce. The agreement must be structured so it cannot be successfully challenged. Both parties must clearly understand every aspect of the agreement before signing it, and each party must have access to independent legal counsel while it is developed. In other words, separate lawyers are recommended for each party.
We welcome the opportunity to explain all of the benefits of premarital agreements to you and help you determine whether it is the right step. Contact us today for a free consultation.