What is a Pre-Nuptial Agreement and Do I Need One?
A lot of people have heard about pre-nuptial agreements and maybe even have a vague understanding of what they are. They often come into the news when celebrities are getting married and there is discussion of whether they have a pre-nup. And, of course, they are always talked about when celebs and other high-profile people get divorced.
Because of the way pre-nups enter the common conversation, people tend to think that they don’t need one if they aren’t rich and famous and targeted by people trying to take all their money. The reality is that no matter who you are, a pre-nup can have some benefits.
Here’s what a Mesa divorce lawyer would tell you about getting a pre-nup:
What It Is
A pre-nuptial agreement is a contract that you and your betrothed enter into that outlines how assets and debts will be handled in the marriage and – more importantly – in the event of a divorce. It specifies the rights of each party.
When we talk about pre-nuptial agreements in the news, we often hear about terms like a person getting a certain amount of money for each year they were married. Or we hear about provisions like if there was adultery, the offending party gets nothing in the divorce.
These are things that can be included in a pre-nup, but they aren’t as common. Instead, the common pre-nup would include provisions like you get to keep the house you bought before the marriage or your spouse gets to keep the family jewelry.
Pre-nuptial agreements can include rules for how income is managed, how debt is shared, and how assets are shared. The reason for such agreements is to put certain rules in place that the law doesn’t already provide. For example, any property you have would be considered marital property and subject to division with your spouse if you are divorced. If you have a pre-nup, you can create provisions to protect that property and exempt it from the divorce settlement.