Rogers, AR Prenuptial Agreement Attorney
As the date of your wedding day approaches, you may wonder whether it is necessary to draft a prenuptial agreement for you and your soon-to-be spouse. Depending on the relationship between two people, a prenuptial agreement could be an issue that may cause problems. However, there are various benefits to drafting a prenuptial agreement that can be invaluable to you and your fiancé. If you require assistance drafting a prenuptial agreement, contact an experienced Rogers prenuptial agreement attorney today.
At Gunn Kieklak Dennis, LLP, our legal team is ready to provide you with legal representation that is tailored to your unique needs. We recognize how a prenuptial agreement can be perceived, and we are here to alleviate your concerns. To schedule a confidential legal consultation to discuss the drafting of a prenuptial agreement, contact Gunn Kieklak Dennis, LLP at (479) 439-9840, or contact us online.
How a Prenuptial Agreement Works
Prenuptial agreements are used to protect the property and assets of a soon-to-be-married couple. These contracts are often signed and entered into by couples that want to draw a line between marital and personal property. However, there are some misconceptions about prenuptial agreements and their purpose.
Some people believe that prenuptial agreements are meant to be utilized only by individuals and couples that are extremely wealthy. While wealthy individuals should also consider the use of a prenuptial agreement before getting married, they are not the only people that are entitled to draft a prenuptial agreement. Any person that is concerned about the distribution of assets in the event of a divorce should consider utilizing a prenuptial agreement.
It is also believed that signing a prenuptial agreement implies that spouses or one spouse may believe their marriage is doomed to fail. It is true that the divorce rate in the United States is nearly 50% of all marriages. However, each couple could have legitimate reasons for executing a prenuptial agreement besides the thought that the marriage could fail.
A prenuptial agreement can be used to address a number of marital issues. For example, if you and your partner want to separate debt that may be accumulated during the marriage, a prenuptial agreement can be used to accomplish that goal. Other issues that prenuptial agreements can be used to address include:
- Whether a spouse is entitled to retain the property they owned prior to the marriage
- Determining the beneficiary of a life insurance policy
- Determining which marital property can be used or sold by each spouse
- The laws that will govern the prenuptial agreement (e.g., State of Arkansas laws)
- Protecting a spouse’s interest in a business owned before the marriage
- Providing for children that a spouse had prior to the marriage
This is not an exhaustive list. There are other issues that a prenuptial agreement can be used to handle. However, there are also issues that cannot handled by using a prenuptial agreement. For example, a prenuptial agreement cannot be used to set the levels of spousal support before spouses are divorced.
To learn more about prenuptial agreements, continue reading and speak with an experienced Arkansas prenuptial agreement attorney today.
Executing a Prenuptial Agreement
It is important to understand what can be included in a prenuptial agreement and what provisions would make the contract invalid. There are several factors that can determine whether a prenuptial agreement is valid. For example, if a couple executes a prenuptial agreement, but one spouse withheld information about assets they owned, the contract is invalid because all assets of each spouse must be disclosed.
Additionally, if one spouse was extremely wealthy and the terms of the contract heavily favored the wealthy party, this may also invalidate the contract. If a spouse did not have any leverage when signing the prenuptial agreement, the contract might be unenforceable because it is unconscionable. An unconscionable contract is an agreement where only one party had the ability to dictate the terms of the contract.
In some cases, a spouse may want to alter the terms of a prenuptial agreement as their financial situation may have changed during the marriage. Fortunately, it is possible to draft a postnuptial agreement to change the terms of the contract. However, both spouses will have to consent to the changes.
Our firm can help you meet all the requirements of a valid prenuptial agreement.
Work with an Experienced Rogers Family Law Lawyer You Can Trust
If you need legal guidance to draft a prenuptial agreement, consult with an experienced Rogers family law lawyer today. With decades of combined legal experience, our family law attorneys are here to listen to your needs and concerns when drafting a prenuptial agreement. To schedule a confidential legal consultation, contact Gunn Kieklak Dennis, LLP at (479) 439-9840.