A prenuptial agreement is a legal document that is concluded between the two spouses before the marriage is officially performed. The terms included in such a contract may vary from case to case, but generally, they stipulate how the goods will be divided in the event of a divorce.
The validity, recognition, and enforcement of these contracts depend on several factors, such as:
- Both parties to the contract must have been legally advised before signing it;
- The contractual clauses must contain dispositions on the future property of the children resulting from the marriage;
- The content of the contract cannot be manifestly unfair to one of the parties;
- The financial situation, including the listing of goods, must be presented by both partners in full prior to the conclusion of the contract.
Moreover, as a civil act freely consented to by the two future spouses, the prenup may include the property of each before the marriage, which in the present law cannot be the subject of legal division.
In the absence of a prenup contract, the current legal dispositions apply, according to which in case of divorce the awnings are divided equally between the two spouses.
Should I get a prenup?
It is recommended to conclude a prenuptial agreement if parties want the division of belongings, assets, banking accounts, properties, secrets, and pets to be more secure, if the marriage ceases, for various reasons. By concluding a marriage agreement, the two spouses will know clearly what to share and what remains personal property after deciding it is time to divorce.
How Much Does a Prenup Cost?
The cost of a prenup can go from $500 up to $10,000, depending on the state, the complexity of your case, and of course, the skills of your attorney.
Simple cases, in rural areas, can cost as low as $500 per person, while the more complex ones run between $2,000 and $6,000.
In the US, the average cost of a prenup is $2,500 per person, with no hidden fees, for a fairly simple case.
Factors that influence the prenup costs
The price of a prenup contract can vary deeply due to a couple’s situation, but that doesn’t mean that you can’t establish the costs with your attorney. The factors on which the prenup costs depend are the following:
- The simplicity or complexity of your finances, and this includes the time and work involved;
- The number of negotiations you have;
- The experience and skills of your lawyers.
Benefits of a prenup
The prenup can protect the financial interests of older people, those in second marriages, and those with substantial fortunes.
From a legal point of view, the prenuptial arrangement can be as explicit and long as it needs to be and can cover as many aspects as the two parties want.
The main object of the prenup is the way of sharing the common or personal wealth of one of the spouses.
Thus, when one of the spouses is involved in a family business, he will often want to keep the business in the family and not risk sharing it.
The same desire for separation of property may also occur in a situation where one spouse has substantial debts before marriage, and the other party will want to protect their property from the creditors of the debtor spouse.
The contract may also regulate the responsibilities of the spouses regarding the care of children from previous marriages as well as those who are to be born.
This aspect can be of considerable importance in court when one of the spouses intends to give up his career and devote himself to raising children.
Most often, however, disputes arise over the method of sharing conjugal goods.
The prenuptial agreement can be used to ensure that the couple’s wealth will be fairly shared, that it will be transferred from one spouse to another, or that the rights over it will be shared equally by the spouses or by quotas – parties.
All these dispositions and solutions to situations that might arise can be established in an organized and well-thought-out manner.
Who should consider signing a prenup?
In general, people with multiple properties, assets, or a good financial situation choose to sign a prenuptial agreement. So, if you have multiple houses or properties on your name, if you are a shareholder in a company, if you know you are going to receive an inheritance or have children from another marriage, it’s not bad to sign the prenup.
What you need to do to make the prenup valid
In order not to be disputed, the prenup must be in writing and must be signed voluntarily by both partners. In addition, each partner must present a list of the goods they own. If you want to sign a prenup agreement, then you should talk to a lawyer. In fact, everyone has to consult a different lawyer to cover their rights and interests.