Prenuptial and postnuptial agreements are legal contracts that detail how a couple will manage their finances, assets, and debts while married, and how they will be dealt with in the event of divorce or death. Without this contract, these issues will be dealt with at random during marriage and according to the laws of that state at separation or death, which may be contrary to your desires and intentions.
For you and your family, these contracts provide an opportunity to not only determine and customize the rules for yourselves, but as part of the negotiations for the agreement, you gain a clear understanding of the financial picture of your spouse as well as their financial literacy and priorities.
The main difference between a prenuptial and a postnuptial is that a prenuptial agreement is discussed, negotiated and signed before the marriage and a postnuptial agreement is discussed, negotiated and signed during the marriage.
If prepared properly, a prenuptial or postnuptial agreement will save time, effort, and money in the event of separation because both parties know what to expect. Also, prenuptials and postnuptial agreements reduce anxiety and stress in the event of divorce by avoiding the need for protracted legal battles. However, not all agreements are created equal, and neither is the help you get in preparing one. It is extremely important that the document be properly negotiated, drafted and signed so that in the event of separation, the document cannot be successfully challenged on a technicality which could have all or part of it declared void. Be careful of using online templates or document preparation services, or even inexperienced lawyers, as the shortcuts and money saved can backfire and result in loopholes that could make all or some of your agreements void if challenged.
Contact the expert and experienced lawyers at The Ashmore Law Firm for an honest and complete evaluation of your situation.
What can a Prenuptial and a Postnuptial cover?
Prenuptial and postnuptial agreements can cover a variety of marital concerns, the most common being property division, spousal support, business interests and inheritance rights. They can also be used to make sure that children of a previous marriage are financially provided for. One thing prenuptial and postnuptial agreements cannot cover is anything relating to the parenting plan of children or child support amounts because the state and its courts hold the responsibility for determination of what is in a child’s best interests.
Additional Benefits of Prenuptial and Postnuptial Agreements
An additional benefit of a prenuptial agreement is that it forces you to discuss financial matters before getting married. In fact, a prenuptial agreement is a great way to open the door to all financial discussions that could potentially become issues during the marriage. It gives each of you a good idea as to the assets each partner owns, what debts they may have, and each person’s financial priorities. This way, both parties enter the marriage fully informed as to all the assets and debts that is available and if there are any issues or concerns, they can be addressed beforehand.
The major benefit of a postnuptial agreement is that it can be used if the couple, for one reason or another, does not have a prenuptial agreement but it later seems like a good idea. A postnuptial can also be used to take care of concerns raised by changes during a marriage such as an inheritance received by one of the partners. It can also be appropriate if previously unknown issues about one partner’s financial situation come up.
Whether you get a prenuptial before your marriage, or postnuptial after you are already married, they serve similar purposes. Also, prenuptial and postnuptial agreements are modifiable by mutual agreement. Therefore, you and your spouse can change the terms during your marriage if circumstances and priorities change, as they often do.
The attorneys at the Ashmore Law Firm are not only experts on the subject of a properly prepared prenuptial and postnuptial agreements, but they are also sensitive to the timing of the discussions and will treat the process respectfully and kindly. Speak with one of our lawyers for a no-obligation discussion of your options and the process. Remember that it is extremely important that the document be properly negotiated, drafted and signed so that in the event of separation, the document cannot be successfully challenged on a technicality which could have all or part of it declared void.
Contact the expert and experienced lawyers at The Ashmore Law Firm for an honest and complete evaluation of your situation.
Are You Considering a Prenuptial Agreement or a Postnuptial Agreement in the Dallas, Texas Area?
If you are planning on getting married and considering a prenuptial agreement you need to speak with an experienced family law attorney as soon as possible. Contact us online or call our Dallas office directly at 214-559-7202.
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