Things to Consider Before Entering Into a Prenuptial Agreement

Board Certified Family Law Specialist Matt Arnold answers the question: “What does a “No-Fault’ divorce mean in NC?”

 

You work hard and have achieved your desired level of success. It is understandable that you would want to protect your assets. For many, the decision to enter into a prenuptial agreement is not an easy one.  In addition to shielding what you have from spousal acquisition, you have to consider the feelings of your significant other. How will he or she react? Will your soon-to-be spouse be offended at the suggestion?  Discussing the matter frankly and openly has the potential to cause unwanted turmoil in your relationship.

 

engagement-prenuptial-agreement-Charlotte-Monroe-Lake-Norman-Family-Law-Attorney-300x225One of the primary causes of divorce is finances, so it is imperative that you speak with your potential spouse ahead of time about all matters related to property, marital assets, and finances.  Proactively having the conversation before suggesting a prenup can help avoid the possibility of an argument.

 

You and your partner should reach an accord at the beginning to avoid an unpleasant conversation later.

 

To decide if a prenuptial agreement is even needed, there are considerations to keep in mind such as the amount of assets that you own. If you have a significant amount of assets, own part of a business, have stock options, or have an estate that names beneficiaries other than your partner, you may want to consider a prenuptial agreement.

 

Each person’s circumstances are unique and there is no “one size fits all” approach to the matter.  Take into account your own unique situation, then factor in the pros and cons of prenuptial agreements.

 

The Benefits of a Prenuptial Agreement

 

  • Documenting the property of each spouse individually protects it separately.
  • There is a clear distinction between marital and community property.
  • You have the ability to itemize any special arrangements made between you and your spouse.
  • If a divorce were to occur, you can avoid prolonged court proceedings.
  • You can establish guidelines on how to handle issues that may arise in the future.
  • The appropriate spouse can be assigned debts such as school loans and credit cards to minimize your debt liability.
  • There are reduced hostilities during the divorce.

 

The Drawbacks of a Prenuptial Agreement

 

  • Discussing the possibility of a divorce from the onset may dim the brightness of the relationship.
  • Child support and custody matters are not covered. The calculation of child support is made by the court.
  • The court can disregard any provision it deems unfair. The provision set aside most frequently pertains to alimony.
  • Because agreements of this nature are designed to address financial issues, personal matters (e.g. what school the kids should attend, where to spend vacations, etc.) are not covered.
  • It may be too early in the relationship, especially during the engagement stage. This is particularly true for younger couples who have yet to accumulate a significant amount of income or assets.

 

Even if you and your significant other agree that a prenup is not right for you, it is still a good idea to discuss these issues.

 

Our Experienced Family Law Attorneys can Help

 

If you conclude that a prenuptial agreement is the right decision, it is critical that you work with the right attorney to assist you with the process. The team of skilled lawyers at Arnold & Smith, PLLC can help you every step of the way. Contact us today to ensure you protect your assets and maintain peace of mind. If you find yourself facing a complicated family law matter and need the help of experienced family-law attorneys in or around Charlotte, Lake Norman, or our new office in Monroe, please contact Arnold & Smith, PLLC today at (704) 370-2828 or find additional resources here.

 

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The family law practice group at Arnold & Smith, PLLC includes two 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.arnoldsmithlaw.com/prenuptial-agreements.html

 

 

Image Credit:

https://www.freeimages.com/photo/engagement-1329853

 

 

See Our Related Video from our YouTube channel:

https://www.youtube.com/user/ArnoldSmithPLLC?feature=watch

 

 

See Our Related Blog Posts:

How to Get a Premarital Agreement in North Carolina

Debunking Myths Surrounding Prenuptial Agreements