What is a Premarital Agreement?
A premarital agreement, also known as a prenuptial agreement, is a legal contract that is entered into by two people before they get married. The agreement sets out how the couple’s assets and debts will be divided in the event of a divorce or death. Premarital agreements can also include provisions for alimony, property division, and other issues related to the marriage.
Why Consider a Premarital Agreement?
Premarital agreements are becoming increasingly popular, particularly among couples who are getting married later in life and who have already accumulated significant assets or debts. A premarital agreement can provide a sense of security and peace of mind for both parties, knowing that they have a plan in place for the future.
Additionally, a premarital agreement can also be beneficial for couples who have children from a previous relationship and want to ensure that their assets are protected for their children. It also can be useful for couples with significant wealth or business assets that want to protect their assets from creditors or future divorce proceedings.
What Does Oklahoma Law Say About Premarital Agreements?
In Oklahoma, premarital agreements are governed by the Oklahoma Premarital Agreement Act. Under this law, premarital agreements are enforceable as long as they are in writing and signed by both parties. The agreements must be entered into voluntarily and without duress, and must be fair and reasonable. The agreements must also be signed before the ceremony and not under duress.
The agreement must be fair and reasonable at the time of execution and the agreement must not be unconscionable when enforced
When Should I Consider a Premarital Agreement?
The best time to consider a premarital agreement is before you get married. It is important to have the agreement in place before the wedding ceremony so that it is clear that both parties entered into the agreement voluntarily. It is also important to have the agreement in place before any assets are acquired during the marriage so that it is clear which assets are separate property and which assets are marital property.
What Should be Included in a Premarital Agreement?
Premarital agreements can include a wide range of provisions, including property division, alimony, and other issues related to the marriage. However, the most common provisions include:
- Property Division: A premarital agreement can specify how the couple’s assets will be divided in the event of a divorce or death. This can include provisions for the division of real estate, bank accounts, and other assets.
- Alimony: A premarital agreement can specify whether one party will be required to pay alimony to the other party in the event of a divorce.
- Debt: A premarital agreement can specify which party will be responsible for paying off any debts that were incurred before the marriage.
- Business Assets: A premarital agreement can specify how any business assets will be divided in the event of a divorce or death.
- Inheritance: A premarital agreement can specify how any inheritance will be divided in the event of a divorce or death.
It’s important to keep in mind that premarital agreements cannot include provisions related to child custody or child support.
When to Review and Update a Premarital Agreement
It’s best practice to have your premarital agreement reviewed and updated every few years, or whenever there is a significant change in the in your family circumstances, such as the birth of a child or a significant change in income. This will ensure that the agreement remains fair and reasonable.
In conclusion, a premarital agreement can be an important tool for protecting the financial interests of both parties in a marriage. It can help to reduce the potential for conflicts and disagreements in the event of a divorce and streamline the divorce process. However, it’s important to make sure that the agreement is fair and reasonable at the time of execution and not unconscionable at the time of enforcement. It’s also recommended to review and update the agreement every few years or when there is a significant change in the couple’s circumstances.
Free Consultation: Tulsa Prenup Attorney
While we of course want to believe all marriages will last forever, that just isn’t the reality these days. In a world where one in every two marriages ends in divorce, it behooves you to protect your interests. That means contacting a skilled prenup attorney in Tulsa. Call the Divorce Law Office of Tulsa to speak to a prenup lawyer in Tulsa today to discuss your case. For a free confidential consultation, call now at 918-924-5526 or use the contact form on this page.
