In addition to committing to share your life with that special someone, marriage is a business and financial arrangement. All couples should consider a prenuptial agreement with strong understanding of their protections under Georgia law in the event of a divorce. It is commonly assumed that only those individuals with substantial assets, future inheritances or high income take on this arrangement, but it is highly advised for couples of all financial levels.
WHAT IS A PRENUPTIAL AGREEMENT?
A prenuptial agreement is a legally binding contract between two people before marriage. Often deemed as the best way to protect pre-marital assets from divorce proceedings, the prenuptial agreement addresses various issues such as property and assets brought to the marriage by each person and describes what the financial and property rights of each partner in the unfortunate event of a divorce. Couples can arrange various financial responsibilities and expectations during a divorce, as well as outline other financial goals to be attained during the marriage.
FREQUENTLY ASKED QUESTIONS
To bring added clarity to common questions asked about prenuptial agreements, below are frequently asked questions and answers for your assistance.
Why would I need a Prenuptial Agreement?
Prenuptial agreements can greatly reduce the cost, stress, and complications in the unfortunate event of a divorce. Think of them like a marital insurance policy. You hope to never have to use it; but in the event you do need it one day, you will be very happy that you have it! Also, prenuptial agreements are very diverse and can include the things that you as a couple want to govern while excluding certain things that may not be applicable to your situation.
What is Not Allowed in a Prenuptial Agreement?
You cannot govern custody, parenting time, or child support in a prenuptial agreement. The agreement focuses on accounts, debts, and properties.
What does it mean to “re-up the prenup”?
“Re-up the prenup” is a direct reference to making a change or update to an existing agreement. This change in your agreement will be prepared by your attorney in the form of an addendum. After this addendum has been signed and witnessed, it becomes a portion of the original agreement.
Should we both have attorneys in the process?
It is very important to have your own legal counsel to explain the prenuptial agreement and the potential missteps that could affect you in the event of a divorce. The attorney you employ will have the duties to suggest changes to the agreement that has the potential to greatly influence your outcomes if the agreement becomes necessary. Both partners should have separate attorneys to aid them in creating an independent perspective to uphold. Further, if one attorney offers legal advice to both parties, the agreement itself could possibly be deemed invalid!
How Much Will It Cost?
Although exact figures will vary, the cost is directly attributed to the specific details of your agreement, such as how many accounts are being addressed, how much real property is being addressed, etc…
Can We Change Our Mind About The Prenuptial Agreement Later?
Couples have various options to draft their agreement that best represents their mutual desires. Many couples have included provisions that dictate how to cancel the agreement after certain conditions have been met or a certain time frame has passed.
Do you have additional questions about how to protect and establish your financial future with your new spouse? We are here to help you with any questions or concerns you may have about prenuptial agreements and how they can help you. Contact our office at 770-225-2145 to schedule a consultation.