Wednesday, November 12, 2014

Prenuptial Agreements, What You Should Know Before Getting Married.

Getting married, thinking you may obtain a prenuptial agreement, but you are not really sure what they entail? The following information will shed some light on what a prenuptial agreement is, what you should know about prenups, and if they work.

Let's begin by setting forth the definition of a prenuptial agreement.

A prenuptial agreement, ante nuptial agreement, or premarital agreement, commonly abbreviated to prenup or prenupt, is a
contract entered into prior to marriage, by individuals intending to marry. The content of a prenuptial agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or separation.

Many couples find prenuptial agreements uncomfortable and upsetting, no one wants to consider the possibility that their upcoming marriage may not work .
However, it depicts a couple’s level of responsibility and confidence. With a prenup in place, the marriage can begin on a firm foundation with clear, agreed upon expectations that can serve to put their minds at ease in the event of a separation or divorce. It may act as a bit of a safety net allowing each partner to let go of various anxieties, knowing they are protected, enabling them to fully engage and invest in the marriage itself. 

What you should know about prenups:

Prenuptial agreements must be in writing, they must provide full disclosure of assets and/or liabilities. They must be executed voluntarily, by both parties in the presence of witnesses. Further they cannot give one party significantly more than the other, and should be in a recordable format.
Lastly, as their name suggests, they must be executed prior to the wedding.

Are prenuptial agreements effective?:
Prenuptial agreements are  effective, if they follow the laws and guidelines outlined for preparation and execution of the agreement.
The State of Ohio is an equitable distribution state, making the prenup a very useful tool to protect the financial security of both soon to be spouses.
 For more information, or assistance with the preparation of a Prenuptial Agreement, call Joseph Stafford at 216.241.1074 or visit