Is A Prenuptial Agreement A Good Idea?
Marriage is a serious decision and requires extensive thought and planning when it comes to protecting your assets. Whether you’re wealthy or not, prenuptial agreements ensure the things that are important to you are kept safe and can prevent some emotional stress and turmoil about property division, alimony, debt, and other issues should the marriage end. Here’s everything you need to know about getting a prenuptial agreement:
Importance of Prenuptial Agreements
Before we discuss why prenuptial agreements are important, you might have questions like: what is a prenuptial agreement? Often shortened to the term “prenup” this type of legal agreement is signed before a couple’s wedding day and outlines terms of property division and other legal matters should the couple decide to divorce in the future. So why is this important? Tennessee is an equal distribution state, which means that assets are divided equitably between both parties during divorce proceedings. Without a prenuptial agreement, you may not receive any portion of certain assets such as real estate, jewelry, fine art, cars, and collectibles.
Who Needs A Prenup
Anyone who is getting married can benefit from having a prenuptial agreement. Those with sizable assets like trusts, stocks, vacation homes, exotic cars, etc. are probably the most likely to think about a prenup, but those aren’t the only scenarios a prenup should be considered. Business owners, those with significant debt, or a higher income than their future spouse should definitely speak with an attorney about a prenuptial agreement. This conversation and legal process isn’t just about protecting yourself and your assets. It’s about starting your marriage with financial transparency and maintaining an open line of communication about your finances.
How Prenuptial Agreements Work
Marital prenuptial agreements in Tennessee can include everything from property division to pet custody and debt payment; alimony is also a large component of a prenup. The only area that prenuptial agreements cannot enforce is child custody and support. Can you get a prenuptial agreement after marriage? Yes, legally binding documents outlying the same terms as a prenuptial agreement but signed after you’ve gotten married are called postnuptial agreements.
Requirements for Legal Prenuptial Agreements
The legal requirements for a prenup are actually quite simple. Full disclosure and honesty are the most important, as the legality of the agreement can be challenged if anything is omitted. A prenuptial agreement must be in written form, and terms must be fair for both parties. The future spouses must also enter into the agreement fairly and in good faith as well as have sufficient time to review and negotiate the terms within the agreement.
Hiring a Family Law Attorney for Prenuptial Agreements
Do you need a lawyer for a prenuptial agreement? Hiring a family lawyer is paramount for ensuring that the prenuptial agreement adheres to your best interests while also maintaining positive feelings throughout the process. There will always be room for alteration if your future needs or situation changes; most importantly, you’ll also be able to rest easy knowing that this legal document will hold up in court.
Are you ready to get the prenuptial agreement process started? Reach out to our family law firm today about getting a prenuptial agreement in Knoxville TN. We are happy to answer any questions and give advice during your free consultation!
