You are engaged! Congratulations – planning a wedding is (mostly) joyful and fun. Your “honey do” list in planning for your wedding is probably a mile long. You need to book a venue, pick a dress, choose your flowers, sample cakes, and more. Is getting a Premarital Agreement on that list? Probably not – you’re in a state of bliss and not thinking of the future roller coaster ride your marriage could take you on. Not to worry, your relationship is strong. But it is vital to have some tough discussions with your future spouse prior to your wedding to decide if a Premarital Agreement is right for you both.
Premarital Agreements are not just for the Jeff Bezos of the world. They are for people who desire to know what dissolution of their marriage looks like, should it ever occur. The beauty of these contracts is that they are written before you are married, forcing you to have the hard talks with each other before you tie the knot. These agreements can make for even stronger marriages down the road.
Premarital Agreements often protect property owned by either spouse prior to marriage, define items of property to which each spouse is entitled at separation, and determine how liability for debts will be distributed between the two of you. Fighting over the division of a marital estate can be costly – a Premarital Agreement can eliminate that fight and save you tens of thousands in divorce.
In addition to determining property distribution, Premarital Agreements can also establish whether spousal support will be paid should separation occur, whether you and your spouse will go to court over property and spousal support, or keep things more amicable, and how certain expenses related to divorce will be paid. These agreements do not address anything to do with current or future children, though.
Even though you may not have a billion-dollar net worth, a Premarital Agreement may be the right move for you and your future spouse. These Agreements can be especially important to those second-time brides and grooms who have acquired sizeable assets and property. At Marcellino & Tyson, PLLC, we have an excellent team of experience family law attorneys who can ensure your needs are covered in a Premarital Agreement. Please call us at (704) 919-1519 to schedule a consultation.