Do I Need a Prenup in Huntsville, AL?

Do I Need a Prenup in Huntsville, AL?

A prenuptial agreement is a great way to plan for unforeseen circumstances when entering the legal contract of marriage. Nobody wants to plan for the possible end of their relationship, but life happens, and it’s never a bad idea to be prepared for the worst scenarios.

A prenuptial agreement can establish the rights of each spouse to property and finances in the event of a divorce. It can protect vital “pre-marital financial interests,” including property, investments, retirement funds, and others.

What Is a Prenuptial Agreement?

By definition, a prenuptial agreement is a contract signed by both parties before marriage that states what will happen to each partner’s assets in the event of a separation, divorce, or death. Essentially, a prenup determines ahead of time what will happen to the things each partner owns.

For example, a prenup can state that each partner will keep the assets they entered into the marriage with if they divorce. This could mean that items like cars that were purchased by one individual prior to the marriage will not be subject to equitable distribution laws.

Prenups give people the opportunity to plan for themselves how they want their affairs to be handled in the unfortunate event that a marriage comes to an end.

Pros of Having a Prenup in Alabama

Alabama is an equitable distribution state. What this means is that in divorce proceedings, courts will divide assets not necessarily based on what is equal, but on what is deemed fair. A prenup can help you prevent your assets from being divided in a way that may seem fair to the courts, but unfair to you as the one who earned them.

On the other hand, a prenup can benefit you in the event that you intend to be the stay-at-home parent in your marriage. You and your spouse can work together to prepare a fair plan for maintaining the whole family’s standard of living in the event that you should separate.

With a prenup, you and your partner are in charge, and you don’t necessarily have to let the court decide what’s fair in your relationship.

Cons of Having a Prenup in Alabama

A pro of signing a prenup can also be a con in certain situations. To avoid unknown outcomes of equitable distribution laws, you and your partner may agree that each party, should you separate, gets to walk away with the assets they entered the marriage with.

This seems reasonable. However, if one partner earns significantly less than the other, it may be hard for them to maintain the same standard of living post-separation with this kind of agreement.

Additionally, what we call the “honeymoon phase” may cloud a couple’s judgment in writing a prenup. When couples are in the honeymoon phase, they may agree to terms that aren’t in their best interests because the prospect of a breakup seems impossible. As we all know, the honeymoon phase rarely lasts forever, but a prenup will still dictate the circumstances of a separation all the same.

How to Convince Your Significant Other to Get a Prenup

When discussing a prenuptial agreement with your partner, the most important thing is to ensure them that while you mean every word of your wedding vows, it’s never a bad idea to plan for the worst. Gently explain to them how a prenup can keep both of your best interests in mind as long as you both think fairly and critically about its terms.

In addition, don’t frame the need for a prenup on an inevitable divorce. Instead, frame the need for a prenup as a safety net in the event that something happens to one of you. Your home, money, and children can only benefit from a well-thought out prenup. To show your partner that you’re serious about getting this right, schedule a prenuptial consultation with an experienced family lawyer for the both of you.

Contact New Beginnings Family Law, P.C. for Help with Your Prenuptial Agreement

If you and your partner are considering a prenuptial agreement in Alabama, contact the skilled and compassionate attorneys of New Beginnings Family Law, P.C. today. We can discuss the specifics of your situation, determine what is most important to you, and help you draft the best possible contract for your family.

Call us to schedule a confidential consultation with us today.

Get Our Free Special Report

FACING DIVORCE: Seven Steps You Must Take Immediately to Protect Your Financial Future

Listen to Our SOUNDCLOUD PodCast

Listen to Our ITUNES PodCast