Traditionally, prenuptial agreement is looked at with suspicion because the less privileged party would get certain financial benefits, and the thought of marrying someone for wealth could eventually lead to failure of the marriage.
However, as the society gets open-minded, cases of divorce and remarriage have certainly experienced prevalence, and thus courts have become willing to legalise premarital agreements.
CocoSign provides prenuptial agreement templates that can help negotiate your expectations such that the agreement sounds legal, unbiased and understandable. Your attorney should then review it before reaching the court.
What Is a Prenuptial Agreement?
Prenuptial agreement is a legal agreement focussing on the objective of smooth division of assets in case of divorce or death of one of the partners. It is an agreement signed and accepted by a couple before marrying each other.
This agreement reveals in advance the ownership details of all the assets as well as liabilities belonging to both the partners in case of the failure of marriage or death of one of the parties.
Law and order regarding prenup agreements vary from one state to another. Most couples try to fall under the region, which has the most beneficial rules regarding prenup. Prenuptial agreements can also be called as an antenuptial agreement or premarital agreements.
Most states require complete disclosure of the assets (source of income, inheritance, property, etc.) to validate the prenup. Most of the time, each party needs to hire its attorney to represent them in the scenario of any prenuptial agreement lawfully.
Each couple's prenup is tailored following their needs and expectations. A prenup could legalise the division of money brought into the marriage.
At the same time, it could also claim that assets belonging to each party should remain separated as they were before the wedding.
Who Should Opt for a Prenuptial Agreement?
Prenups have become an essential aspect of modern marriages. It appeals to all sections of society. While the luxurious party may use it to protect their wealth, the modest partner may use it for some other reasons. These include:
Inheritance of Property by Children From Previous Marriages
If one of the partners has children from any previous marriages, he/she may be inclined to pass on separate property to his/her children in case of death. So prenup could be done to ensure the absence of biased segregation of assets after death.
Avoiding Dispute in Case of Failure of the Marriage
By forming a prenup template which includes clear segregation of assets, before marriage, any significant differences in opinions regarding the division of assets can be bypassed in case of divorce.
Avoiding Debt Generated by Partner
With the help of a clear and legally sound prenuptial agreement template, each party can be saved from the trouble of funding the debts in the name of the other party. There could also be the provision of a division of debt if both partners agree to it.
Predictable Spousal Support
If one of the partners earns higher than the other, the latter may be provided financial aid from the former depending on the length of the marriage. To avoid any uncertain decision by the court, a provision for spousal support can be included in the prenup.
What is included in a Prenuptial Agreement?
A prenuptial agreement template can help understand prenuptial agreement highlights. It is essential to provide details of each legal aspect in the agreement. The crucial points are:
- The details of the participants of the agreement. This includes the legal names and agreement to the terms and conditions of the prenup. They should not be married at the time of signing of the agreement.
- It includes the transparent disclosure of one's source of income, assets and liabilities. The correct prenup agreements template helps in proper negotiation and division of assets and property. It also clarifies sharing or separation of debt.
- Both parties may be required to agree to the submission of joint tax returns. It would not have any effect on the segregation of assets and properties.
- Both parties need to agree that change in the wealth of any partner during the marriage should not affect the prenuptial agreement.
- Children of the couple shall create no impact on the rules of the agreement, and the agreement shall not interfere with the children's rights.
- Both parties should agree with their own free will. The contents of the prenup should be kept confidential.
All these highlights need to be thoroughly mentioned in the agreement. Prenuptial agreement samples can help in clearly defining the needs of both parties.
Drawbacks of Not Making a Prenuptial Agreement
If you side-line the process of making a prenuptial agreement, you would be leaving the destiny of your wealth in the hands of the court. The state's laws will determine the ownership of your assets after divorce or death.
The law claims that the agreement ensures certain rights for each partner. In the scenario of avoiding a prenup, the following cases may follow:
- Property and assets may be divided between both partners in the scenario of death or divorce.
- Debt that belongs to one partner may be divided among both the participants.
- The division of assets will be in the control of the legal authorities instead of both the parties.
- The children of a spouse from prior marriages might not get the fair share of their parent's belongings in the case of death.
- It could undoubtedly lead to disputes between the spouses in the case of failure of the marriage. There might be differences in opinions regarding the division of assets and liabilities.
All these uncertainties can be avoided with the help of a clear and understandable prenup agreement. It will secure the future of both the spouses as well as the children (if any).
Prenuptial agreements should be made with the free will of both the participants. Both the parties should negotiate their terms and conditions while advancing towards their marriage. Prenup agreement is a secure way to handle worst-case scenarios.
Why Choose Us?
CocoSign offers various other templates apart from prenuptial agreement templates. Our prenuptial templates are inspired by the best prenup agreements examples which aim to provide you with the best terms.
The presentation of valid information and negotiating in clear terms is what our prenup agreement templates offer. We tailor your expectations and try to frame an understandable agreement.
Our experience with worldwide customers has helped to improve the versatile set of requirements for different customers. We deliver the prenuptial agreement templates following the needs of the clients.
The prenuptial agreement is vital to secure the future in the worst-case scenarios. It could help build a better relationship by providing a sense of security to both the partners. A negotiable agreement requires a helpful prenuptial agreement template.
Every modern marriage requires the assurance of financial security to both the partners. Our prenuptial agreements templates provide a customisable service which can be modified according to the need.
Financial aid is significant during the failure of the marriage. CocoSign tries to get you what you need with the help of best prenup templates.
Prenuptial Agreement FAQ
Can a prenuptial agreement be modified or cancelled during the marriage?
A prenuptial agreement can be modified or cancelled during the marriage period. It requires the written consent of both parties.
What are the signs that the court will reject the prenup?
The courts usually uphold the prenup agreements unless the terms and conditions are such that it would likely lead to divorce or both parties do not practice their free will. One of the parties may be forced into signing the prenup.
To avoid these circumstances, a reliable prenuptial agreement template word should be used during drafting of the agreement.
When should a couple draft and sign their prenuptial agreement?
The prenup agreement should be signed in advance to their marriage, at least more than 30 days before their marriage date. This will ensure that both partners have thoroughly examined the terms of this agreement.
We don't have many assets. Will this prenup be required then?
It is entirely up to you. The court will validate the prenup even if you don't have much to show. You might gain wealth in the future. So it would be better to take care of that wealth in advance.
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