Being engagement is an energizing and fun time for couples, but it can bring loads of questions and concerns about what is to come. Some couples need more assurance about the future of their money if the worst case of a divorce or separation were to take place. For these couples they should consider a prenuptial agreement to ensure what happens if a divorce or separation were to take place. This can help save on expenses as a divorce and a divorce attorney can be expensive.
States have differing tenets about what a prenuptial understanding must incorporate to be enforceable. We will help clarify what Alabama's meaning of a prenuptial agreement, what it may incorporate, and what makes the assention enforceable.
What Is a Prenuptial Agreement
A prenuptial agreement, or referred to as an antenuptial assention, is an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.
There are many reasons that you may need a prenuptial agreement. In general, a prenuptial agreement can help guarantee that you will not lose assets or investments that you had prior to the marriage.
Prenuptial agreements outline how the division of property, investments, real estate or any other assets if the marriage were to dissolve. For instance, couples may choose that any credit card debt created during the marriage will be parted 50/50, or how the primary earners salary may be split or withheld.
A few reasons to obtain a prenuptial agreement:
- Protect the rights and obligations of both parties’ property
- Decide which jurisdiction's law would be used to interpret the agreement
- Determine where legal proceedings would be held
- Define what property is viewed as conjugal or group property
- Potentially reduce divorce expenses
What a Prenuptial Agreement Cannot Protect
Prenups cannot contain provisions violating public policy or a criminal law.
Spousal support obligations vary by state. Both parties may waive the right spousal support. Depending upon the state, spousal support provisions may or may not be upheld in court.
Prenuptial agreements can protect you and your assets in the change that the marriage does not last. Contact an attorney to find out what can and cannot be protected related to your situation.