A prenuptial agreement, also known as a “prenup,” is a written contract signed by a couple prior to entering a marriage. It typically covers property division in the event that couples divorce. Most couples will create one if they own real estate property, own a substantial amount of assets, and has children from a previous marriage.
The following are the common benefits of a prenuptial agreement:
- Property protection – A prenup helps define what property is considered community property and protect your separate property.
- Debt division – It can also determine how debt liability is distributed between the couples and offers protection from creditor issues.
- Avoid costly litigation – If a prenup covers most of the legal issues in the event of a divorce, the couple may be able to avoid litigation and attorney costs in the future.
- Business protection – If you own a business or have your own professional practice, a prenup can protect that interest so that the business or practice is not subject to division. On the other hand, if you plan on giving up your lucrative career after marriage, this contract can ensure that you will be compensated for that sacrifice if the marriage doesn’t last.
- Outline spousal support – According to The Uniform Premarital Agreement Act of 1983, it is possible to use a prenuptial agreement to determine the allocation of alimony.
However, bringing up the idea of creating a prenuptial agreement is not romantic. In fact, it may cause your fiancé to second-guess your commitment to the relationship.
While negotiating a prenup may result in conflict, discussing financial issues can actually encourage productive communication in your marriage and even improve the quality of your relationship. Even if you do not end up signing a written contract, communicating about money and property can help you avoid any misunderstandings that you may experience throughout the marriage.
Prenuptial agreements are becoming a common tool in marriages today. If you need assistance in drafting a prenup in Oklahoma, our Norman family law attorney at the Law Offices of Keith J. Nedwick, P.C. is ready to evaluate your situation and come up with the best plan for you and your future.
For more information, contact us and schedule a free consultation today.