What You Need to Know about Pre Nuptial Agreement
Today’s couples often decide if they want to have a premarital agreement, or most commonly known as the Pre Nuptial Agreement. They believe that the agreement would protect their rights and their assets, especially when things are going worse. The agreement will also protect their wealth and assets in the most secured manner.
Understanding the Concept
Also known as the prenup agreement, it is basically a written document (a legal contract) that is created by two people before they get married. The agreement usually has the lists of the property of each person, including the debts. It also specifies how the property rights (of each person) will be after the marriage.
If the agreement is made during the marriage – and not BEFORE it –then it is called the marital agreement or postnuptial or postmarital agreement. There has been a misconception about the prenup, thinking that only the rich needs to have it. Regular couples can have their own Pre Nuptial Agreement because of these reasons:
- They want to clarify each of their financial rights. The agreement will clarify each of their financial responsibilities and rights during the marriage
- They want to pass separate property to their kids from prior marriage. Couples with kids from their prior marriage can use the prenup to specify what would happen to the property when they die so they can give it to their kids on a separate arrangement.
- They want to get the protection from debts. It can be used to protect the spouses from each other’s debts or other issues
- They can avoid arguments or problems in the event of divorce. The agreement will specify how the property is divided or whether the spouse will get the alimony.
The Basic Functions
Basically, the agreement would protect your property and assets before and after the marriage. If you decide not to make the agreement, it is up to the state’s law to determine who the owner of the property that you have during the marriage is. The state law also determines what would happen to it at death or divorce. It is even possible that the state law will also determine what happen to your property that you acquire before you get married.
Getting Your Examples
If you don’t know how to compose or make the agreement, no need to worry. You can always get the templates and then make changes to fit your condition and requirement. It’s a good thing that we also have some examples or the templates. You are welcomed to browse around our collections to find yourself the perfect Pre Nuptial Agreement templates to meet your demands.