A premarital agreement, also known as a prenuptial agreement, is often a taboo topic between couples and many shy away from this type of contract. Many have only heard horror stories of signing premarital agreements from friends, family members, the news, and Hollywood. Thankfully, they are not as drastic as other sources of information have interpreted.
Many times, a premarital agreement can benefit your marriage and is not an indication of how much your spouse loves you or how much you love your spouse. We cover the benefits of a premarital agreement as well as the possible drawbacks. Presenting both sides of the issue will hopefully help you make a more informed decision.
And, of course, before making a major decision like this, contact a Tulsa family law attorney who specializes in premarital agreements. This ensures you understand the contract, what you are agreeing to, what conditions you are putting in the agreement, and the consequences of violating the agreement.
Benefits of a Premarital Agreement
Protecting Children from a Previous Marriage
The biggest issue a premarital agreement protects is the inheritance rights of children and grandchildren if one of the spouses has been married before. For example, if you have a child from a previous marriage, you want to ensure they get their inheritance from you and their other biological parent.
Reserving part of your estate for your child from a previous marriage ensures they receive their inheritance from both biological parents. Meanwhile, the children of your current marriage will receive their inheritance portion from you and your current spouse.
Protect Your Business
If you own your own business or run a company, creating a premarital agreement that protects this asset will ensure it is not divided and possibly subject to your spouse’s control or participation in the business if a divorce occurs.
Don’t Assume Additional Debt
Debt is a serious issue in this country. Thus, many individuals avoid large amounts of debt, low credit scores, and collection actions. If your spouse has significantly more debt than you, you can choose to protect yourself from having to assume these debts.
Stay-at-Home Spouse Income Protection
Many times, one spouse will choose to give up their career once they are married. There are many logical reasons for this decision. A spouse at home ensures you do not have to pay for household help, your potential child is in the loving care of a parent rather than an unknown caregiver, and the stress of coordinating time with each other between two jobs is no longer an issue.
However, the spouse who chooses to give up their career should ensure their income is protected should the couple divorce. This protection ensures you are compensated for the work you contributed to the household and the years of experience in your career that you gave up.
A Reasonable Premarital Agreement
When couples are not in the thick of a high-conflict divorce, decisions are often easier to make. Creating a premarital agreement while anticipating your perfect wedding day creates a more reasonable state of mind when deciding issues such as spousal support. You can designate the amount of spousal support in your premarital agreement; this way, neither of you are going into any possible divorce with surprises.
Vulnerable Populations
Last, premarital agreements can primarily protect older individuals’ financial assets, individuals who are remarrying for a second time or more, and very wealthy individuals.
Requirements
Although it may seem tempting to simple make your own premarital agreement or find a sample one on the internet, these documents are serious binding contracts. There are specific rules that you must follow if you and your spouse choose to sign a premarital agreement.
First of all, both spouses must be represented by a Tulsa family law attorney when reviewing the agreement. This is to ensure the contract is legal and each spouse’s interests are fairly represented.
For a premarital agreement to be valid, the agreement must be reasonable, voluntarily entered into, all assets and debts were fully disclosed at the time of signing, each spouse has a general grasp of the other spouse’s finances, and there cannot be anything in the contract that promotes divorce.
Free Premarital Agreement Consultation with a Tulsa Family Lawyer
Even though premarital agreements have typically been given a bad reputation, these contracts are actually really helpful in certain situations. Make sure you are properly represented by a skilled family law attorney who can explain your rights and how to create a valid premarital agreement.
Contact an experienced Tulsa divorce attorney when you need to create an Oklahoma premarital agreement.
For a free, confidential consultation, call 918-924-5526 now.
