Prenuptial Agreements Lawyer in Minnesota Helping You Plan for the Future
A prenuptial agreement may not be at the top of your to-do list before you walk down the aisle, but it probably should be. A prenup is a legally binding document that specifies how you will handle your finances and asset division in the event of a divorce, and it’s something most couples can benefit from. Find out why and how to get started below.
If you’re not sure if a prenup is a right option for you, reach out to TVA Law Office today. Prenuptial agreement lawyers have experience in drafting prenups that fit their client’s unique situations, and we can sit down with you to discuss your options.
How Does a Prenuptial Agreement Protect Your Assets?
Are you wondering how prenuptial agreements work? A prenup protects your assets but making it clear what property is separate and what is part of the marital assets includes a plan for property division and ensures you know what to expect when it comes to spousal support. While every prenuptial agreement is different and is crafted to specifically meet the needs of each couple, here is some more detailed information on each of these key elements.
Established Separate Property
One of the main benefits of prenuptial agreements is that it outlines what will be kept as separate property in the event of a divorce. Division of marital property is one of the most important aspects of divorce, and usually, anything that was acquired during the marriage is considered marital property. However, there may be assets you have that you want to go to your children from a previous marriage or to be set apart from the marital property for other reasons. A prenuptial agreement lets you do that.
Lays Out Division of Assets
Prenuptial agreements also outline how marital assets will be divided. For example, it lets you decide in advance who will keep the house or the cars as well as how smaller assets such as furniture or artwork will be divided. A prenuptial agreement can also discuss how liquid assets, such as checking and savings accounts, investments, and debt will be divided.
Specifies Spousal Support
Spousal support can give you time to get back on your feet after a divorce, and it can have a big effect on your financial future. Similarly, if you are going to be paying spousal support, it’s important to understand the terms, such as how much and how long, so you can plan your finances out as well. Spousal support can be for a specific amount of time, depending on the length of the marriage and what is specified in the prenup.
When Should We Start Drafting a Prenup?
When it comes to drafting a prenup, it’s generally a rule of the sooner, the better. You should begin talking with a prenuptial agreement lawyer as soon as you are seriously thinking about marriage or engagement. Starting the process early can ensure that you have plenty of time to work out an agreement before the marriage takes place. Having your prenup done before you get too close to the wedding can also help lessen some of the pre-wedding stress and ensure you can focus on making every detail of your day special.
How Is a Prenuptial Agreement Enforced?
It can be helpful to understand how a prenuptial agreement is enforced if you do end up needing to use it later on. Usually, one spouse files for divorce, and at that time, they will either ask the courts to enforce the prenup or to declare it invalid. There have to be specific reasons for the prenuptial agreement to be found invalid, so in most cases, the judge will enforce the agreement. The judge will go over the terms of the prenup and create a court order that reflects those terms when it comes to property division and spousal support. Any other issues that aren’t part of the prenuptial agreement, such as child custody or child support, will be handled separately and added to the final court order.
Can You Create a Prenuptial Agreement on Your Own?
It can be tempting to draft your own prenup with your soon-to-be spouse or to just use your partner’s lawyer, but this isn’t a good idea. Anytime you are signing any kind of legally binding agreement, you should always have your own legal representation to review it and advise you. You want to make sure that what you’re agreeing to is fair, within the legal parameters of a prenuptial agreement, and represents your interests. If there are any sections that you want to change or that you feel aren’t quite the way you want them, your attorney can work with your partner’s legal team to get it modified before you sign.
If you need to protect your assets for the future, a prenuptial agreement lawyer from TVA Law Office can help. Call our Minneapolis office at 651-571-8547 to schedule a consultation and get your paperwork started today. We will walk you through your options and help you draft a prenup that protects your interests.