Are prenuptial agreements used only to avoid divorce settlements?
Are prenuptial agreements used only to avoid divorce settlements?
Prenuptial agreements are used primarily to avoid the expense, the misery, and the waste of time divorce actions can (and usually do) cause by agreeing in advance what the separate property and debts of the parties is now (so that there will be no confusion or argument over ownership and liability after marriage), what property and earnings acquired during the marriage will be considered separate property (instead of automatically being marital property, as it would be in the absence of a prenuptial agreement) in the event of divorce or death.
I generally dislike prenuptial agreements between young, penniless couples who wed for the first (and, it is hoped, the last) time because a prenuptial agreement in such circumstances sends the wrong message, i.e., “I don’t have faith our marriage will last, so I have an exit plan in mind already!” But for people who are already divorced or widows/widowers, a prenuptial agreement is not only a good idea but may be necessary to ensure that your property goes to your chosen heirs and not in full or in part to your new spouse.
Depending on jurisdiction, prenuptial agreements can address and resolve in advance the issues of alimony and child custody and support. Some states allow a couple to address and resolve these issues contractually between themselves, other jurisdictions provide that a court has the ultimate discretion over the resolution of such issues, even if a prenuptial agreement provides differently from what the court rules.
Utah Family Law, LC | divorceutah.com | 801-466-9277
Tags: alimony, antenuptial agreements, assets, children, custody, debt, divorce, estate planning, ownership, premarital agreements, prenuptial agreements, property, responsibility