Prenup Lawyer Ogden, UT
If you are getting married in the near future and considering getting a prenuptial agreement, you may want to consult a prenup lawyer Ogden, UT residents rely on Felt Family Law. Even if you have faith in your future marriage, it may still be wise to sign a prenuptial agreement. Here are some of the benefits of a prenup.
Protect Against Debt
If one spouse comes into a marriage with significant debt, whether it’s student loans or medical bills, it may make sense to sign a prenuptial agreement. Then, the spouses can keep their debts separate. In the event of a divorce, the other spouse won’t have to worry about taking on debt that someone else accrued.
Allow You to Discuss Finances with Your Future Spouse
Before getting married, it is a good idea for couples to talk about their finances with one another, including assets, debts, and income. However, discussing finances can be a little uncomfortable for some people. Drafting a prenuptial agreement can force couples to talk about this important topic. It is important to know where your partner stands financially before you tie the knot. For example, if you try to take a loan out with your spouse when you first get married and you do not get approved due to your spouse’s poor credit, it can be very disappointing.
If you have children from a previous marriage, you have another good reason to contact a prenup lawyer in Ogden, UT. If you don’t have a prenuptial agreement and die, your children may not receive any of your assets. All of your assets could go to your spouse.
Streamline the Divorce Process
While it may not be nice to think about right now, there may be a chance that you and your partner decide to get divorced in the future. As you can probably imagine, divorces can be stressful and time-consuming ordeals. You may spend a lot of time in the courtroom arguing over assets and other matters, which can take an emotional toll eventually. If you have a prenuptial agreement in place, however, it can alleviate some of the stress of a divorce. Since the terms of the divorce have been outlined already, there may be fewer disagreements.
How to Create a Prenup: A Step-by-Step Guide
If you and your spouse are having trouble agreeing on financial issues, such as who gets to keep the house in the event of divorce or how much alimony to pay one another, you may want to consider speaking with a prenup lawyer Ogden, UT clients recommend. A prenup outlines what happens to your assets and debts in the event of divorce, so you won’t have to waste your time arguing over them in court later. The process to create a prenup can be complicated, but it doesn’t have to be if you follow these steps.
Choose Who Will Draft Your Agreement
You and your fiance will need to decide who will draft your prenuptial agreement. If you have an attorney, he or she can prepare the document for you. Be sure to select someone who is experienced in drafting prenuptial agreements and familiar with the laws in your state. If you don’t want to use an attorney, then at least consult one before finalizing any decisions on what should be included in your agreement.
Determine Money Being Brought into the Marriage
The first step is to determine how much money each person is bringing into the marriage. This includes both savings and any debts that need to be paid off. You’ll also need to decide who will be responsible for paying any joint debts that are incurred during the marriage. It’s usually best if both people agree on this, but it’s not unheard of for one spouse to take responsibility for all of the debt. After you’ve determined how much money each person has coming in, divide the total by two to get an idea of what each partner needs in terms of separate property or assets before they’re considered financially independent. For example, if someone brings $10 million into the marriage while their partner brings $1 million, then they should have at least $5 million in separate property or assets before they can start a prenup agreement with their significant other.
Decide How Property Will Be Divided in Case of Divorce
When you create a prenup, you and your spouse will need to decide how to divide your property in the event of a divorce. This can be done by creating a list of all of your assets and debts and then assigning each item to one spouse or the other. You can also choose to have all of your property divided evenly between the two of you.
Determine if Alimony and Child Support Will Be Included
The first step is to determine if alimony and child support will be included in the prenup. If so, you’ll need to provide proof of income and assets, as well as any debts or liabilities. The next step is to figure out how long the marriage will last and what the consequences will be if it ends in divorce. Once you have all of this information, your Ogden prenup lawyer can start drafting the prenup.
Other Provisions Included in Most Agreements
While there are many different provisions that can be included in a prenuptial agreement, there are some that are more common than others. These include clauses regarding the division of assets in the event of a divorce, spousal support, and waiver of rights to inheritance.
Contact an Ogden prenup lawyer today for help drafting your agreement.
If you have additional questions about prenuptial agreements, you may want to schedule a meeting with a prenup lawyer in Ogden, UT from Felt Family Law as soon as possible.