Fort Smith, AR Prenuptial Agreement Lawyer
Many people believe that a prenuptial agreement is reserved for members of society that possess a large amount of wealth. In other circumstances, there may be misconceptions that the signing of a prenuptial agreement means that a couple is unsure about the foundation of their relationship. A prenuptial agreement has various benefits that should be considered before dismissing the idea of drafting one. If you and your partner are interested in creating a prenuptial agreement, contact an experienced Fort Smith prenuptial agreement lawyer.
At Gunn Kieklak Dennis, LLP, we are prepared to help you determine whether a prenuptial agreement is the right decision for you and your partner. Our firm can help you address all your unique needs and any other issues that might be resolved with a prenuptial agreement. To schedule a confidential legal consultation, contact Gunn Kieklak Dennis, LLP at (479) 717-9068, or contact us online.
How Prenuptial Agreements Work
A prenuptial agreement is a legal contract that is entered into by a couple that intends to be married in the near future. This document is used to address various financial matters that may present themselves if the spouses ever decide to divorce. The following is a list of topics that can be handled with the use of a prenuptial agreement.
If you and your partner each possess property that you do not wish to become entangled in a possible divorce, a prenuptial agreement can address this problem. When two people are married, property that they owned before the marriage will typically still belong to the original owner if the spouses divorce. However, if a spouse granted legal title of their property to their spouse, this could affect the distribution of property during a divorce.
Additionally, if you and your spouse acquire property over the life of the marriage, this will be regarded as marital property. This means that the property will be owned by both spouses and must be divided between the spouses. A prenuptial agreement can be utilized to divide property that may be acquired in the future during the life of the marriage.
Divorcing without a valid prenuptial agreement may require the court to become involved in the distribution of property if you and your spouse cannot come to an agreement.
If you or your spouse have children from a previous marriage or relationship, you may be concerned about how a divorce could affect their inheritance. The drafting of a prenuptial agreement could provide that a child receives the inheritance that a parent has set aside for them.
Without a prenuptial agreement, other children shared by the spouses may be able to receive a portion of property or real estate that was intended for another child.
Alimony is the payment of money to a former spouse after a divorce. There are various factors that determine whether one spouse will have to pay the other alimony:
- The education of the spouse
- The age of the spouse
- The employment history of the spouse over the life of the marriage
- Whether one spouse supported the other while they pursued an education
- Whether one spouse was a stay-at-home parent to children shared by the spouses
- The ability and likelihood of the spouse to secure meaningful employment after the divorce
- The income level of the spouse
- Whether the spouse is disabled
This is not an exhaustive list. The Arkansas courts will use this and many other factors to determine whether one spouse owes alimony payments to the other. The court may even consider the lifestyle your former spouse was accustomed to during the life of the marriage.
Pre-Marital Business Interests
If you operated a business or were a co-owner of a business prior to your marriage, a prenuptial agreement could ensure that you retain full control of the business in the event of a divorce. If you do not have a prenuptial agreement in this situation, your spouse could have an interest in your company after filing for divorce.
It is important to note that prenuptial agreements cannot be used to deal with issues like child support or child custody. The court typically handles these issues once the spouses agree to divorce, and there are a number of factors that must be considered.
Contact Our Experienced Fort Smith Family Law Attorneys Today
If you require assistance researching the benefits of a prenuptial agreement, consult with an experienced Fort Smith family law attorney. The legal team at Gunn Kieklak Dennis, LLP possess decades of combined legal experience, and we are prepared to use this experience to address any concerns shared by you and your partner. To schedule a confidential consultation, contact Gunn Kieklak Dennis, LLP at (479) 717-9068.