What is a Prenuptial Agreement & How Does it Work
How does a prenuptial agreement work? A prenuptial agreement is a contract that is signed by a couple before their marriage. In Alabama all prenuptial agreements must be in writing and signed by the spouse who is giving up rights as a part of the agreement. This is a contract that the couple will agree on for the division of assets if the couple ends up getting a divorce. The agreed upon terms will become relevant when the couple gets a divorce. This often happens when one of the spouses has considerable assets.
A prenuptial agreement can ensure that these assets are protected upon divorce. In order to have this type of agreement, each spouse should include all separate property in their prenuptial agreement. The agreement must include what will happen to all of the assets and debts in the event of an uncontested divorce in Jefferson County or anywhere else in the State of Alabama.
An attorney can help guide you through how a prenuptial agreement works by drafting the agreement and walking you through the advantages and disadvantages of the agreement. An attorney can also be there to ensure that the prenuptial agreement is enforced upon divorce. In order for a prenuptial agreement to be valid, each spouse must fully disclose all of their assets and debts.
There are many different reasons that a couple would consider a prenuptial agreement. One of the most common reasons that couples consider prenuptial agreements is when one of the two individuals is considerably wealthier than the other. Another common reason is when one of the parties has been previously married or has a child from a previous relationship. Prenuptial agreements are often a good idea for those who own their own business or if one of the parties stands to inherit a considerable amount of property.
It is very important that the parties are very specific when describing their assets in the agreement. This helps to ensure that there will be no disputes when the prenuptial agreement is to be enforced. Many agreements also include the couple’s savings and spending plans. This is helpful for the couple to stay on track with their financial goals throughout the marriage. This type of agreement is not only used to protect one’s assets but also can be used to protect yourself from your spouse’s debt if they have a considerable amount upon divorcing. In Alabama decisions regarding child custody or child support cannot be included in a prenuptial and they are unenforceable. Prenuptial agreements vary on a case-by-case basis and may include a number of different provisions.
Attorney Steven A. Harris regularly blogs in the areas of family law, bankruptcy, and real estate closings on this website. He is always available in any of the firm’s offices or by phone anytime for a consultation. Mr. Harris tries to provide informative information to the public in easily digestible formats. Hopefully you enjoyed this article and feel free to supply any feedback. We appreciate our readers and love to hear from you!
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