HomeWhere to Do a Prenuptial Agreement
Use this article to assess whether a prenuptial agreement might be right for you and your future spouse. If so, consult a stewart Law Group marriage contract lawyer who can help. As described below, each party should have its own prenuptial counsel as independent legal representation. Generational wealth and future inheritance are two reasons why someone wants a prenuptial agreement. “If a party to the marriage receives an inheritance, it will be their non-marital property, unless they do something to make it marital – like putting the money in a joint account or buying real estate with both names,” Roxas says. “The best way to avoid involuntary transmutation of inheritance is to always keep the inheritance in a separate account and only in the name of the person who inherited. That being said, a marriage contract can and often clarifies when a party`s inheritance remains their non-marital property. Stewart Law Group has experienced and caring marriage contract lawyers in Phoenix, Scottsdale, Chandler, Glendale, Mesa, Peoria, Tempe & Gilbert. Our legal team is committed to providing the highest quality legal assistance to all our clients. To speak to one of our lawyers or arrange a confidential consultation with a lawyer, call 602-548-3400, fill out our online contact form or email your question to email@example.com today. Simply put, a prenuptial agreement (also known as a prenuptial contract or supply contract) is a contract that a couple signs before marriage to know their finances in the event of divorce. “Marriage contracts govern how a couple divides their finances, what assets each party separate from each party are (that`s how they get married), and how they would divide their home,” Schpoont explains.
“It can describe how they would divide marital property, including marital debt — so what they have, but also what they owe — and it can also indicate how long a spouse or children can stay in a matrimonial home during a divorce.” Here are a few other points you should understand about prenuptial chords: While prenuptial chords aren`t as much fun as wedding cakes or honeymoons, they can help you avoid financial problems later in life. Some couples may think that a prenup has a divorce stigma, but it can actually be a great opportunity to take the same side to plan your future together. To help you with the planning, we have Sandra L. Schpoont, a family and marriage lawyer and partner at Schpoont & Cavallo LLP, and Robert Wallack, a prominent divorce lawyer and founder of The Wallack Firm, specializing in marriage and family law issues. Prenuptial agreements can be more expensive because the parties are now married and matrimonial property must be taken into account. “The process may seem boring, expensive, and even unnecessary, but if there`s a divorce, a well-worded deal can be worth its weight in gold,” says Elizabeth Green Lindsey, Esq., a domestic relations and family law attorney based in Atlanta, Georgia and president of the American Academy of Matrimonial Lawyers. While there are fewer formal requirements for prenuptial agreements in the state of Alabama compared to other states, it`s best to sign the prenuptial agreement before your own attorney and get a certificate of independent legal counsel from your attorney. Alternatively, you should consider seeing a notary or at least signing the document in front of one or two witnesses. Pet clauses are now common in prenups and many states recognize pet custody in divorce decrees. “It`s interesting to see how a divorce agreement can be consensual on financial matters, but there are a lot of conflicts revolving around who gets the mini gold scribble!” says Schneider. “There is now a California law that states that pets can be considered children to a large extent, so more people include a pet clause in their prenuptial agreements.” As this example shows, it is crucial that the marriage contract is properly drafted by a lawyer in order to achieve the parties` goals and have the best chance of surviving a legal challenge. This can range from $1,500 to $10,000, plus more if the property is incredibly complicated.
“A simple agreement can be designed for a lump sum,” says Alyease Jones, Esq., a family law attorney based in Chicago, Illinois. “But for more complicated cases, lawyers usually charge their hourly rate.” A couple may wish their agreement to be reviewed by a lawyer as well. If this is the case, keep in mind that each partner is required to seek legal advice from their own lawyer (i.e. independent legal advice) to avoid problems such as coercion or fraud. No matter where you get married, if you or your spouse or both currently live in Quebec or if you intend to live in Quebec after your marriage, our marriage contract will not work for you. Contact a local lawyer to discuss your options. Modern marriages, by definition, must protect both spouses. Unfair and biased prenups must not stand up in court. For the prenup to be enforceable, the agreement must: For example, a prenup may make it clear that there is a joint bank account used by both partners for joint expenses, savings, and investments, while each party may want to keep a portion of its respective income for itself to spend at will. In this way, not only will there be less conflict about how and why a spouse spends their money, but each party will have financial autonomy during the marriage to spend some of their own money at will, while the common goals of the marriage will be achieved through the joint account.
“At first, my marriage contract seemed one-sided — my husband Ted is divorced and has children from previous marriages,” says Californian Dr. Karina von Middendorf, who married herself for the first time last November. “Setting up our prenup was a months-long process that involved disagreements and back and forth. But in the end, it was helpful to go through the process as it clarified what our marriage and financial future would look like. “It`s no surprise that a soon-to-be-married couple thinks that exploring a prenuptial agreement would be detrimental to their relationship.” They`re basically negotiating what`s going to happen in the event of a divorce,” says Sandy K. Roxas, Esq., a litigator and family law mediator in Torrance, California. But it seems that the opposite could be the case. “The divorce rate in California is over 50 percent, but in my sixteen years of practice, only 5 percent of my premarital contract clients have returned to file for divorce or legal separation,” Roxas says. There is no room to formulate inexperience or mistakes when it comes to marriage contracts. The same goes for post-marital agreements. With more than six decades of combined legal experience, Stewart Law Group`s family law lawyers continue to offer their clients imaginative and respectful representation.
Let our experience make a difference in your family`s future. For example, if you are only concerned with protecting your property before marriage, you can limit your prenuptial agreement to this one issue. If you are only concerned about the disposition of your separate real estate in the event of death, you can limit your prenuptial agreement to this problem. You will still need a will and/or trust, but your prenup may waive other legal rights for your spouse upon your death. The judge will not positively evaluate a prenuptial agreement that attempts to restrict custody of the children or interferes with child support obligations. The court is unlikely to enforce a provision that eliminates child support or effectively reduces child support below Arizona`s guidelines on required child support. Normally, the party earning the most income and/or having the most assets would hire a lawyer to prepare the prenuptial contract. “Then the other party would retain the services of a separate lawyer to review and negotiate the terms of the agreement and make suggestions for possible changes and modifications,” Roxas notes.
Roxas agrees, saying, “A prenuptial agreement can protect the staying parent at home if the party is able to negotiate terms – such as an annual birthday gift, an annual contribution to an IRA, a life insurance policy, or a mandatory monthly cash contribution to a joint account by the spouse. “If a party plans to be a stay-at-home parent, a prenuptial agreement can provide peace of mind that that spouse will be treated fairly in the event of a divorce. .