A prenuptial agreement (also known as a prenup or a prenuptial) is a financial agreement that two people make before they get married. It details the assets and debts of both parties at the time of marriage, as well as future ones, and determines who is responsible for what, if the marriage is terminated by death or divorce.
The following outline some reasons you may want to consider getting a prenuptial agreement:
- You each have assets that you want to continue managing yourself if the marriage terminates, for example, pensions or retirement plans.
- Your children are entitled to an inheritance and you want to protect it.
- So that you can maintain ownership of family-owned property like a home, or land.
- You want to take responsibility for a certain debt that may have been acquired prior to the marriage taking place, for example, student loans, credit card debt, or mortgages.
- Your business interests need to be protected. If you have business partners, they may require you to file a prenup before getting married in order to protect the company.
- You want control of the distribution of your property rather than being subject to state laws.
Filing and Amending Prenuptials
With people marrying later in life and having more assets, along with debts to call their own, prenups are becoming increasingly more common. If you’re considering a prenuptial agreement and are a resident of Augusta, attorney Fred M. Kennedy can help you write up a well thought out plan that will protect both of you financially.
If you have a prenup already on file and your financial situations have changed, it should be amended. We can help with this too – give us a call today!
Posted on behalf of Fred M. Kennedy, P.C.