555 Sun Valley Drive Suite N-4 |
|
Roswell, Georgia 30076 |
|
Telephone (770) 992-4325 |
Fax (770) 992-4367 |
 |
Prenuptial Agreements |  |
| What is a Prenuptial Agreement? |  |
|
A “prenup” is an agreement entered into prior to marriage, which is usually intended to protect the property of the husband or the wife (or both) from being divided later, if there is a divorce. A Prenup Agreement is also important to determine who would receive property when one of the spouses dies.
If you’re considering a second marriage, but want to protect your assets for your children, a prenup would be a good way to do that.
Many of our clients ask about Prenup Agreements as part of their estate planning, when they already have substantial assets and are planning a wedding (whether first or second marriage). In this situation, a Prenup Agreement can help to ensure who would receive your money and property in case of divorce or death.
What is the correct name for a Prenup Agreement?
They go by several different names. They may be referred to as Prenuptial Agreements (“Prenups” for short), Antenuptial Agreements or Pre-Marital Agreements. All of these terms refer to the same type of legal contract.
Does everyone need a Prenup Agreement?
No. Most people who sign Prenup Agreements already have considerable financial assets and want to avoid having those assets split up a part of a divorce settlement. They may also want to address inheritance issues, in case of the death of one of the spouses. Again, this would be to protect assets owned prior to the marriage, and ensure who would receive them, either in the case of divorce or in the case of death.
Will a Prenup determine who gets our assets if one of us were to die?
Maybe. Be sure to discuss this with your attorney, if you want to be sure that inheritance issues are addressed in your agreement.
Remember that a Prenup Agreement is NOT a substitute for a Will. Marriage is very important to inheritance rights under the law. So be sure that both of you get new, updated Wills as soon as possible.
So, do I need a new Last Will & Testament, as well as a Prenup?
Yes. Marriage is one of those major life events that triggers the need for a new Will. This is especially true if you already have substantial financial assets, and you are entering into a second marriage. A Prenup Agreement is not a substitute for a Will, but the two documents can work together to accomplish your goals.
Can a Prenup Agreement address alimony?
Yes. Prenups can be used to confirm or eliminate alimony, if the two of you were to divorce.
Can a Prenup help me protect my home and investments?
Yes. A well-drafted Prenup Agreement can make it easier for you to keep the assets you have acquired or inherited prior to marriage.
What if my fiancé's attorney is writing the Prenup Agreement – do I still need my own lawyer?
Yes. Having your own attorney is critical. Your fiancé’s attorney represents your fiancé – not you. Having your own attorney means that you will have someone to explain the legal terms of the agreement, and suggest changes that may be very important to protecting your legal rights.
So each of us needs to have our own attorney?
Right. This helps to make the agreement more fair and more legally enforceable, because neither one of you can later say that you didn’t understand what you were signing.
What if we decide later on that we don’t want to keep the Prenup?
If it’s included in the document, there can be a straightforward way to cancel the Prenup Agreement. You can also include a provision that automatically cancels the agreement, after a certain number of years.
Is a Prenup Agreement expensive?
The cost will vary, depending on how long it takes to discuss and negotiate any special provisions, and how complex your particular Prenup Agreement is. In general, a good Prenup Agreement costs more than a simple Will, because it takes more time and often involves negotiations with the attorney for your fiancé.
At Baker Law Group, we enjoy working with clients to plan well thought-out Prenup Agreements that can avoid problems and unhappiness later.
© 2010 by Baker Law Group, LLC. All rights reserved. IMPORTANT: The material in this web site is provided for general informational purposes only; it is not intended to constitute legal advice. Please see our Disclaimer page for further information. |