When we fall in love getting married seems the right to do under the pretenses that the person we love is the right one for us, because we like to believe that love conquers all and everything is unicorns and rainbows under the spell of love.
However, marriage isn’t a mere contract but a serious business considering the approximate 6.9 percentage of divorce rate. One would think if a royal wedding can survive without signing a prenup and then you can take the plunge too. You are wrong my friends because the rules of royals do not imply common people.
First of all the royal assets belong to the reigning queen or king hence in case of royal divorce they are protected secondly royal divorce cases aren’t addressed in normal family courts but they are taken care of by royals personally.
I’ll explain here why you should sign a prenup before getting married and how it can benefit you and your significant other.
Assets Protection
Let’s say you have a big chunk of inheritance to come, businesses, jewelry or you’re wealthy than your spouse and your marriage doesn’t work out and bitterness leads to divorce then by law you would have to split halfway everything you with your better half. A prenup agreement protects you from this kind of tragedy and not only just protects your assets but also makes clear to you the intentions of your beloved towards you.
Debt Sharing
We all know honesty is the building block of every relationship but let’s be honest not everyone believes in being 100% honest because of multiple reasons. If you or your spouse have a debt that he or she has kept secret from you before marriage you are automatically liable to pay that debt. A prenup would protect you from. that debt in two ways one before putting a prenup agreement together both parties have to come clean about their finances and second if you already know about the debt and cannot afford to pay it because of monetary restrictions you can avoid paying it and putting an extra burden over yourself.
Finance Management
As discussed earlier both parties have to disclose their finances in order to put together a valid prenuptial agreement it would make clear to both parties about the financial status of both parties. You can make an informed decision about which expense you can bear and put a clause in the agreement about what share of your earnings goes to your spouse and which expenses or debt payments and how much you can afford to pay. The agreement will cover all areas of finances from alimony to child care.
Taxes
Since we have established that a prenup when narrowed down to its essence provides you with financial security it makes sense that it would automatically take part in your taxes. If both partners decide to handle their own finances then their tax payments would remain the same under both federal and state laws. If both parties decide to join their assets or part of their assets or incomes then that would affect the taxes also. You could either get a benefit from it or just increase your tax payments depending on your earnings and the nature of the agreement.
Child Protection and Alimony
It is a common misunderstanding that if you have signed a prenup you are not liable to pay child care the prenup doesn’t rid you of this responsibility. If you have a child before marriage you will have to provide for them as you used to before marriage a prenup does not void of that responsibility and if you have children after marriage their rights remain protected irrespective of what you have agreed on in your prenup likewise you will have to provide alimony to your spouse. You can decide on an amount, duration, and frequency of providing alimony but you cannot rid of that responsibility either.
Consent of Both Parties
It is mandatory that both parties sign the prenup willingly. There should be no sign of coercion or pressure regarding the prenup agreement. If any party does not agree to any clause it should be discussed and either would have to be eliminated from the agreement or would have to be revised.
FAQs
Do I have to notarize my prenuptial agreement?
It is not necessary to get the prenup agreement notarized as long as it is mutually agreed upon and reviewed by the lawyers of both parties. However, it is always take extra precautions and get it notarize.
Is prenup binding?
If there is no foul play and both parties have thoroughly reviewed and willingly signed it then it is binding. It is necessary for both parties to get it done by a lawyer.
Can a prenup be voided?
Yes! If the prenup was set for a limited duration after that duration it would automatically be voided. If there was no duration set then the court will only void it if any case of foul play is sensed in the agreement or it was signed by force and the other party wasn’t willing to sign it or didn’t agree to terms of prenup.
How long does a prenup last?
Prenup lasts a lifetime if the duration wasn’t set in agreement for its validity. In case of the death of either party if the deceased have left a testimonial or will in support of the terms and conditions of prenup it would further strengthen the terms and conditions of prenup.
How long before marriage do I have to sign a prenup?
It is advised to sign a prenup minimum of 28 days before marriage. The agreement will only be deemed in effect the day you get married.
