What To Include In A Prenuptial Agreement
The attorneys at Hoffman Walker & Knauf have extensive experience in drafting and reviewing prenuptial agreements. Their strong attention to detail is important to protect assets in the event of a divorce or death.
A prenuptial agreement is a contract entered into between two people before marriage that clearly details how the couple wishes to resolve all financial issues in the event of a divorce. It can be the best way to safeguard premarital property and assets.
A well-crafted prenuptial agreement can address the following financial issues:
- Protect premarital assets
- Identify premarital debts and determine payment of them in the event of divorce
- Determine the distribution of assets acquired during the marriage
- Protect the financial interests of a preexisting family business
- Protect the inheritance rights of children from a previous marriage
- Outline terms for spousal support or waive it altogether
- Outline custody and child support terms of children born of the marriage
Do I Need A Prenuptial Agreement?
A prenuptial agreement is very important for people who have accumulated sizeable assets, business interests, or inheritance prior to the marriage, especially when there is a significant disparity in the assets of the two people getting married. Many people entering into second marriages opt to sign prenuptial agreements to ensure that their premarital property will go to their children from a previous marriage instead of to the new spouse in the event of divorce or death. Some people desire to ensure that all marital assets are equally divided between their children upon death, rather than leaving it to the surviving spouse which will ultimately go to that spouse’s children.
However, even in your twenties owning few assets, sometimes a prenuptial agreement can provide peace of mind by establishing the rules under which a couple will manage their finances. Setting an expectation by a contract that neither party will get stuck with the entire financial burden for the family can encourage a greater sense of cooperation between the parties with spending and saving during the marriage. A prenuptial agreement can be a very healthy financial decision for both parties.
Do I Need An Attorney?
It is very important that both parties are represented by an attorney when signing a prenuptial agreement. If one party does not have a lawyer, you run the risk that your agreement will not be upheld by the courts.
By signing a prenuptial agreement, one person is agreeing to waive rights to assets and property that he or she would otherwise be legally entitled to. In such a situation, it is essential to have legal representation so that you can be confident that the agreement is fair for both parties.
The lawyers at Hoffman Walker & Knauf has a great deal of experience with prenuptial agreements. We understand how to analyze financial statements in order to ensure that our client’s rights have been safeguarded. Our lawyers are committed to providing our clients with honest and sound legal advice to obtain an agreement that adheres to the current laws of Kentucky.
Please contact Northern Kentucky family law attorneys at Hoffman Walker & Knauf, serving Boone, Campbell, Gallatin, Grant and Kenton counties in Kentucky, today to learn more about our prenuptial agreement services.