Many people have the mistaken impression that prenuptial agreements are only for celebrities and individuals with significant wealth. They fail to realize that these contracts can protect one party from the other’s premarital debt. Since more and more people are marrying later in life, and therefore racking up more credit card debt, student loans and even mortgage debt, it can be helpful to address asset and debt issues in a prenuptial agreement with your coral springs divorce lawyers.
The laws regarding marital property vary from state to state. Typically, what a person brings into a marriage such as credit card debt or title on a property belongs to that person. However, ownership can become muddied if someone combines credit card accounts with a spouse or adds a new partner’s name to a property title.
By entering into a prenuptial agreement, couples can address debt and asset issues and resolve any misconceptions that exist. Unfortunately, too many couples do not feel comfortable bringing up this type of contract. In second marriages, premarital agreements are more common, as roughly 20 percent of couples get them. However, according to a survey reported in USA Today, only 3 percent of couples marrying for the first time get prenuptial agreements.
What makes a successful prenuptial agreement? Experts suggest creating the contract well before the wedding. By getting the agreement six months to a year before the wedding date, both parties will have adequate time to review it. Also, it is important that you understand your state’s laws regarding marriage and property division. An experienced law attorney can help with this. Further, it is important that an agreement is reasonable and enforceable so that each person knows what he or she will get if the marriage ends.
While it is understandably uncomfortable to bring up the idea of a prenuptial agreement, it is far better to have that conversation with an experienced DC wills and trusts lawyer about debts and assets now rather than when you are in a time of crisis.