Before getting married, many engaged couples sign a premarital, or prenuptial, agreement. This agreement lists out each party’s financial assets and explains who will have the right to what if they decide to divorce later down the road. Here is a divorce law guide on the benefits of this document and how to execute a valid premarital agreement.
Why Sign a Premarital Agreement
While married, you and your spouse will share most of your possessions and finances. But if you separate, you’ll have to decide how to divide everything. To avoid conflict over these distributions, you can decide how to divide every asset now and sign an agreement to make the choices final.
Couples with children from other marriages may want to sign an agreement to ensure they can leave their children with property and finances when they pass away.
Without a prenup, the remaining spouse may take property that was meant for the children, or children may think they are entitled to more than the parent had wanted.
Avoid Marrying Into Debt
A prenup can specify who must pay certain debts if the marriage ends in divorce. It also establishes that debts will remain with the indebted spouse and not become the other spouse’s liability, protecting their credit.
How to Make a Valid Premarital Agreement
When drafting your prenup, contact separate lawyers to review the document for each of you. The lawyers will review the documents in each of your best interests, catch anything that you may have missed, and make sure you are aware of what you would give up if you divorced. They may also advise you to clarify certain areas to make the document transparent for the court.
If you do divorce, a divorce law court will review the agreement and ensure it is legally valid. The court will check if you and your spouse disclosed every facet of your finances, spoke with legal counsel, and independently agreed to the document of your own accord. It will also weigh out the terms to ensure it benefits both parties fairly.
If you need help understanding premarital agreements and divorce law, contact the attorneys at the Law Office of Carmen DiAmore-Siah in Honolulu, HI. For over 20 years, their team has helped clients across Oahu deal with divorce and legal separations. Call (808) 531-2277 to schedule a free initial consultation, or visit the website for more information about their divorce and family law services.