Utah Premarital Agreement Lawyer
The Benefits of a Prenuptial Agreement
Let’s be honest, prenuptial agreements are not romantic. A couple in love does not want to think about divorce in any way when they have just decided to get married. But for many lovebirds, the benefits of a prenuptial agreement can be substantial.
If you have considered entering into a prenuptial agreement, it is important that both parties obtain legal advice. A prenuptial agreement must be consistent with state law or it can be overturned. And even a prenuptial agreement that is legal may not be fair to both parties to the marriage. At SLF, we can point out the potential pitfalls as well as benefits of entering into a prenuptial agreement.
If you are getting married and have considered a prenuptial agreement, but you are not convinced or aware of the benefits associated with these agreements, consider the following:
- A prenuptial agreement defines the financial arrangements and understanding of the spouses at marriage. The parties therefore know what to expect upon death or divorce.
- A prenuptial agreement can effectively protect the interests of children from a prior marriage. A sizable portion of assets (called the elective share) may automatically go to a spouse upon death in most states, but this can be avoided by using a prenuptial agreement. This elective share can be waived in a prenuptial agreement. This is an important consideration, particularly where there are children from a prior marriage.
- A prenuptial agreement may also make sense when there is a significant disparity in wealth. It is also worth considering if you or your spouse-to-be owns a small business or a stake in a family business; a prenuptial agreement can ensure ownership will not be contested in a divorce.
- While you will have to pay an attorney to draft your prenuptial agreement, the cost of litigating a contested divorce would be far greater.
- The prenuptial agreement may not only define what is a person’s separate property, but it will also specify what assets or debts will be joint or marital and direct how they will be split in the event of divorce.
- The prenuptial agreement can direct if, and how, alimony or spousal maintenance will be paid.
If you are considering a prenuptial agreement and would like further information, contact one of the Utah divorce and family law attorneys at SLF today and Get Protected! 801.413.1753 or toll free at 888.337.3235 or send us an email.