There is often uncertainty regarding finances between two people who are engaged to be married. These issues can quickly become a problem early on in a marriage, and they are especially challenging if the relationship ends in divorce. A dedicated attorney could help a couple in this situation by drafting a marital agreement prior to their wedding.
A prenuptial agreement is a contract entered into by the parties before they wed. The document typically sets out the important financial issues that can come up during divorce proceedings. A Riley County prenuptial agreements lawyer could advise you on these options and help you both get the best possible outcome from this contract.
How These Agreements Work
Prenups are marital contracts two engaged individuals enter into when they want to establish some financial logistics. They can set financial expectations for the marriage while also resolving specific issues should the couple divorce in the future.
A prenuptial agreement can determine what property is considered jointly owned by the couple, and what is individually owned, which an attorney in Riley County can help establish. It can also spell out terms for spousal support that would otherwise be determined by a judge in divorce court. The benefit of these contracts is that they can provide a couple with certainty regarding these financial matters before the marriage is even finalized.
Different situations make a prenup a viable option. While income disparity between future spouses is the most common reason, it is important to know that is not the only motivation for a couple to enter one of these contracts. A lawyer in Riley County could assist with any of the following scenarios accompanying prenuptial agreements.
Disparity in Income
The most common reason for spouses to agree to a prenup is a substantial difference between wealth or income. When one spouse is substantially wealthier than the other, it is not uncommon for them to seek some kind of protection should the relationship break down. In this situation, a prenuptial agreement could leave the couple with a clear understanding of what the future will look like.
Pre-Existing Debt
These contracts are not always about the assets one spouse owns. Prenuptial agreements are also viable when dealing with debt. If a spouse has substantial debt going into a marriage, they might worry that creditors may attempt to collect from the other spouse in the future. A prenup could ensure these debts remain separate.
Keep Finances Separate
Some couples go into a marriage with the intention of keeping their financial lives separate. They maintain their own bank accounts, split bills evenly, and maintain their financial independence. These parties could benefit from a prenup that ensures their financial interests are not intertwined.
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Issues Prenuptial Agreements Cannot Cover
It is worth noting that not all issues in a divorce can be controlled through a prenuptial agreement. Specifically, any matter related to a minor child cannot be agreed upon by the parties without approval from a judge. This includes questions of both child custody and support.
The judge has a duty to make these decisions based on what is best for a juvenile. This is true even if the outcome is not what either parent wants. A Riley County attorney may be able to answer questions about issues that prenuptial agreements do not apply to.
Talk to a Prenuptial Agreements Attorney in Riley County Immediately
There is no time to waste if you hope to enter a marital contract before your wedding. The process of drafting these documents takes time, so any delay can work against you.
Call a Riley County prenuptial agreements lawyer today to get started.
