Charlotte Divorce Lawyer Blog
Five Reasons to Have a Prenuptial Agreement
A prenuptial agreement is a contract that you and your fiancée enter into prior to your marriage. Many people dismiss a prenuptial agreement because they associate it with negative connotations or for other reasons. However, a prenup is a useful agreement that provides clarity and definition on issues for couples before they take their wedding vows. Here are five important reasons to put a prenuptial agreement in place before you get married.
A Prenup Gives Couples Financial Transparency
One of the best ways to make sure that you know about your fiancée’s financial situation is by having a prenuptial agreement. A prenup can acknowledge details so you have a clear understanding of each person’s finances. This transparency gives you open communication and provides a strong foundation for your finances as you begin married life.
A Prenup Protects Your Premarital Assets
Assets that you own before you get married belong to you alone. A prenup will identify these assets so you and your fiancée both know that they are not to be considered marital property. Marital property includes assets that you acquire after you get married. If the marriage ends in divorce, the private assets that you owned before marriage will be yours alone and will not be included in property division.
A Prenup Defines Financial Responsibilities
All too often, people enter into marriage without a clear knowledge of their spouse’s finances. A prenup allows you to look more deeply into finances so you can define how you will handle financial matters during your marriage. This is especially critical in cases where a partner has a large outstanding or ongoing financial obligation. By defining responsibilities, you reduce the possibility of financial disputes in the future.
A Prenup Can Protect You From Partner’s Debts
When couples get married, they often commingle funds and also start paying debts from combined accounts. A prenup can protect you from responsibility for debts your partner had prior to marriage. A document like a prenup will acknowledge the debts of both parties so both people are clear on what their personal obligations are prior to marriage. Full disclosure is essential to the start of a strong marriage.
A Prenup Shields Inheritances
A prenuptial agreement can protect inheritances. Specifically, a prenup can detail the way inheritances are to be divided in situations where there are children from prior relationships. This helps protect your family assets, such as a business, and provides a specific way that these assets are to be handled.
For all of these reasons, a prenuptial agreement gives both parties peace of mind. Prenups are not just for the wealthy. Everyone can benefit from a prenup. You will be able to go into your new marriage with the knowledge that you both understand the details of your finances and know that you have the financial protection you need should the marriage ever end.
To get answers to your questions and learn more about prenuptial agreements, contact us at Arnold & Smith, PLLC, at (704) 370-2828 to schedule a consultation with our experienced legal team.
The family law practice group at Arnold & Smith, PLLC includes multiple Board-Certified Family Law specialists and one Child Welfare Law specialist, as well as several attorneys with many years of family law experience that are committed to providing a powerful voice to individuals facing the often-tumultuous issues in this area of law.
The range of issues our family law clients may be facing include pre- and post-nuptial agreements; separation agreements; post-separation support; child support (both temporary and permanent); absolute divorce; divorce from bed and board; military divorce; equitable distribution of assets; child custody (both temporary and permanent); retirement benefits and divorce; alimony and spousal support; adoption; and emancipation. Because this area of the law is usually emotionally charged and complicated, the family law attorneys at Arnold & Smith, PLLC act with the utmost dedication to ensure that each client understands his or her options, and then act to achieve the best result possible for that client’s particular situation.
Source:
https://www.law.cornell.edu/wex/prenuptial_agreement
https://www.ncleg.net/enactedlegislation/statutes/html/bysection/chapter_50/gs_50-20.html
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