Prenuptial agreements are not just for couples with a high net worth. Couples of any kind can benefit from a prenup.
The Benefits of a Prenuptial Agreement
Prenuptial agreements are surrounded by negative misconceptions and misinformation. Despite their “bad rap,” prenups can be great for your relationship. As you and your partner enter into your marriage, a prenuptial agreement can benefit you both as they:
- Protect your financial future. In drafting a prenup, you and your partner can decide how assets will be divided, and you can ensure that you will both leave the marriage financially stable in the event of divorce. If one or both of you have children from a previous marriage, you can also protect assets meant for them.
- Provide for a clear vision of the future. When you write your prenuptial agreement, you will need to discuss finances in detail. You will touch on debts, inheritance, and future plans (i.e. owning or managing a business, buying investment property). Discussing the details of your agreement can help you get more insight into your partner and their plans for the future.
- Improve your communication skills as a couple. Broaching the subject of a prenup and ironing out details can be difficult. However, you are getting a lot of tough conversations out of the way before you are married. You also have the opportunity to improve on how you both navigate hard conversations.
- Alleviate stress in the event of a divorce. If you and your partner do divorce down the line, a prenup can streamline the process. You both have outlined most of the terms of your divorce already, which allows for a smoother transition out of the marriage.
The Uniform Premarital Agreement Act
For a prenup to be enforceable, it needs to meet the legal requirements outlined in the Utah Uniform Premarital Agreement Act. A prenuptial agreement may not be valid if it can be proven that:
- One party did not voluntarily enter the agreement
- When the agreement was executed, fraudulent claims were made. For instance, a spouse cannot make false promises to encourage the other party to sign the agreement.
- Before the agreement was executed, one party was not properly informed or compensated in terms of property division. Fair compensation, in this case, means that each party walks away from the marriage equitably.
- The agreement modifies or removes alimony payments, which leads to one party becoming eligible for public assistance during their separation or after their divorce
Contact Our Prenuptial Attorneys
Anytime you are dealing with a legally binding document it’s a good idea to have a reliable attorney involved. An attorney will fully understand the laws surrounding prenuptial agreements and how they apply to your case.
At Nelson, Taylor & Associates, our attorneys are not only attentive but also honest. As we help you walk through obtaining a prenuptial agreement, we will work with you to draft a prenuptial agreement that protects both of your interests. To schedule your free case consultation, please reach out to us online or by calling (801) 901-7046.