We are frequently asked: “Do I need a prenuptial agreement?” or “How do I know if a prenup is right for me?” The purpose of this article is to answer these questions and more if you are considering a prenuptial agreement and you live in Oklahoma. Chances are that if you're getting married, the idea of getting a prenuptial agreement has crossed your mind, even if you haven't voiced it out loud to your future spouse. While it might not seem like the most romantic topic, considering whether a prenuptial agreement is right for you is nonetheless extremely important. The reality is that prenuptial agreements are not only for the rich and famous.
Whether or not you bring up the topic of a prenuptial agreement with your fiancé of fiancée, some of the fundamental principles regarding entering a prenuptial agreement should almost certainly be followed before you get married. Specifically, as many studies of shown, it is a good idea for future spouses to have an open and honest discussion about their finances and financial picture. And of course, one of the critical components to a proper prenuptial agreement is full and complete financial disclosure.
Many people are under the misconception that discussing prenuptial agreements means that their future spouse has little faith in the marriage. That is simply not the case. A prenuptial agreement can essentially be compared to an insurance policy – you hope you never have to use it, but if you do, you are thankful that it is there to protect you. It is no secret that divorces can be quite complicated and a prenuptial agreement can help alleviate some of the stress and actually de-complicate some of the issues typically encountered during a divorce.
As you may know, a prenuptial agreement is a contract entered by a couple before their marriage and such agreements are recognized as valid in Georgia. Generally, prenuptial agreements concern and address issues typically involved in divorce, such as property division, property rights, liabilities, debts, and alimony. A well-written prenuptial agreement should address separate and joint property. Although prenuptial agreements may cover a wide range of issues, there are some matters that cannot be addressed. Generally, prenuptial agreements do not address child custody and child support because the best interest of the child is determined at the time of divorce.
How do you know if a prenuptial agreement is right for you? You should consider having a prenuptial agreement drafted if you or your future spouse answers “yes” to any of the following questions:– Do either of you have professional licenses or degrees?
- Do either of you have significant family wealth or expected future inheritance?
- Do either of you currently earn more than $100,000.00 per year?
- Is there a disparate difference between your income / assets and those of your future spouse?
- Do either of you consider yourself high net worth individuals?
- Do either of you have specific property you want to protect?
- Does your spouse have significant debt or student loans and you do not?
- Do either of you have significant stock holdings, stock options, profit sharing, bonds, other investments, or cash?
- Do you have any children and/or grandchildren from a previous marriage?
- Do either of you own any real estate (including investment / rental property)?
- Are either of you a business owner or have a family owned business?
- Do either of you have retirement benefits?
- Do you have loved ones who need to be taken care of such as elderly parents?
- Do you want your estate (or even just part of it) to go to your children (and/or children of a former marriage) instead of your spouse?
While this list is certainly not all-inclusive, it may help you decide whether or not a prenuptial agreement is appropriate for you. If you are considering entering into a prenuptial agreement, I strongly encourage you to schedule a confidential consultation with an attorney who specializes and has experience in this area of law and with drafting and/or negotiating prenuptial agreements.
Hayes Legal Solutions, PLLC can help you answer these questions and help you draft a prenup. Reach out to us today at 405-635-5578.