Are Financial Issues Endangering Your Wedding Plans? How A Family Attorney Can Help

Financial disagreements can have a huge impact on whether or not a marriage will survive or fail and then end in divorce. While no marriage can be guaranteed to be successful, finding ways to settle disagreements about finances before the wedding takes place can help both parties relax and enjoy their new life together. If you and your fiancĂ© are dealing with financial disagreements, speaking to a family attorney about a prenuptial agreement might provide the solution you need. 

What is a prenuptial agreement? 

Prenuptial agreements are legal contracts between two people who plan to be married and want to have a legally binding agreement regarding financial matters in the event that a divorce is later sought by either party. While the wording of each prenuptial agreement differs from couple to couple, most provide a listing of each party's assets and debts at the time of the wedding. 

Are prenuptial agreements advisable to protect valuables, other than money? 

Prenuptial agreements are just for those who have amassed or acquired wealth prior to the marriage. For example, someone who has inherited a home, farm, business, or other items of value, may want to consider having a prenuptial agreement to protect them, even in situations where no large sum of money exists. 

Can a prenuptial agreement protect one spouse against the other's debt? 

In addition to providing a legal contract describing how assets brought into the marriage will be divided if a divorce takes place, a prenuptial agreement can also be beneficial in protecting a party from certain debts. For example, if one party has amassed substantial debt before the marriage, a properly worded prenuptial agreement can help protect the other party from being assigned any portion of that debt if a divorce takes place. 

Can a prenuptial agreement be canceled? 

In situations where circumstances change later in the marriage and the protections of the prenuptial agreement are no longer needed or wanted, a document can be filed that dissolves or cancels the existing contract. Canceling a prenup may be desired, for example, when the married couple achieves a level of financial security that surpasses the assets listed in the prenuptial agreement.  

It is important to note that the decision to have a prenuptial agreement is a serious one. Prenuptial agreements found to have incomplete or incorrect information regarding finances, assets, or debts may be able to be overturned if challenged in court. 

Couples who would like to explore the potential benefits of creating a prenuptial agreement should consider speaking with a family attorney about their situation before making a final decision.  

For more info, contact a local family attorney