Most couples entering into marriage and divorce do not realize the importance of what is known as a prenup agreement. In the legal world this term is referred to as a “pretrial agreement.” A prenup agreement is a written document drawn up by each spouse before the wedding day that outlines all property and financial obligations between them once the marriage has dissolved. Without an agreement, the courts can declare one spouse to be bankrupt and the other to be in full financial compliance.
When couples enter into marriage and divorce, one of the main reasons they end up divorced is because one or both partners were not willing to enter into an agreement allowing for a trial. An agreement can make it much easier to resolve any differences between you and your partner prior to or after the wedding. An agreement is also a safe way to prevent emotional arguments and other marital problems that usually come along with marriages.
There are many types of agreements available to protect the assets and money of both spouses during a divorce. Some of these agreements outline a monthly amount that is set aside, which is referred to as the down payment. This down payment is usually equal to fifteen percent of the total value of the property and money of both spouses at the time of the divorce. Other agreements outline that the spouse who buys the house will shell out the down payment in monthly installments. Once this down payment is paid in full, the house automatically becomes the spouse’s property.
Most people enter into prenup agreements so that if they get into a fight or disagreement the other person has no say in what happens to the assets. It is common for couples to enter into these types of agreements when they are still in the dating phase and seeing each other for the first time. A prenup agreement prevents them from talking about negative things about one another during the time that they are still in a relationship. Many couples who want to get married have prenup agreements while they are still trying to figure out the marriage.
Prenuptial agreements can also be used in cases where one spouse wants to get out of a marriage before it is too late. The paperwork can be difficult and tedious and there may be several meetings and negotiations that need to be held before you get the agreement written and signed. For example, if you are getting divorced because of domestic violence, then the agreement can state that the victim’s children will be given to the other parent. If the victim is able to work things out with the other parent prior to the final divorce decree, then the agreement will not be so detrimental to the kids.
Another advantage to a prenup agreement is that it makes the divorce process much easier on all parties involved. It takes the strain off the lawyer as well as the couple when they are negotiating important issues such as how the assets will be divided, the amount of alimony paid, and child custody and visitation rights. The attorney will not have to spend hours doing research or trying to come up with a fair and equitable agreement. Because the paperwork is filed with the court, it will be done as part of the final hearing and there will be no need for a second review or hearing by a different judge.
Prenuptial agreements are not right for every couple who is going through a divorce. If one partner was physically abusive in the past, then a no contact order may be appropriate. In this case, the agreement will prevent the other spouse from contacting the victim and prevents him or her from entering into a prenup agreement. If this was not an issue in the past, then you may want to consider whether the victim needs time to heal from the trauma and work out any issues with the abuser before entering into the agreement.
In order to use a prenup agreement, you must fill out the form and sign it. Then, the attorneys take care of filling out the final paperwork with the appropriate courts. They file the papers with the courthouse in the county where you live and serve them to the other spouse. You will receive a court copy of the agreement when you file your papers. Before you enter into a prenup agreement, make sure that you are both very satisfied with the document – you want to ensure that the agreement puts your lives ahead of the divorce proceedings and prevents your ex from obtaining custody of your children.