Protecting Your Assets Through A Prenuptial Agreement
Even though you do not plan to enter marriage with an expectation of divorce, you may still wonder if a prenuptial agreement is a smart move for you. The reality is that some marriages do end up in divorce, and having a document defining a separation of property before the divorce can save you a lot of conflict later. If you have already married, you can also still achieve this goal through a postnuptial agreement.
These legally binding documents should always be drafted by a skilled family law attorney who understands the requirements for a legal agreement. At McClimon Family Law, attorney Caroline McClimon can either draft or review a document for you to ensure that your rights and interests are protected before you sign.
What An Agreement Can And Cannot Do
Your agreement can achieve many goals, but it does have some legal limitations. Your agreement can:
- Identify and distinguish marital property from separate property
- Modify or eliminate the possibility of spousal support in the future
- Explain when a party can buy, sell or otherwise control certain property
- Provide guidance for distributing your property upon your death
- Protect property for the inheritance of children from a prior marriage
The agreement cannot:
- Eliminate or otherwise affect child support in the case of divorce
- Cover assets that were hidden or otherwise misrepresented to the other party before signing
- Be signed involuntarily
These are just a few of the details you should know before entering into an agreement. You must also understand how this will affect issues like debt and intermingling of property during your marriage. Ms. McClimon can make sure you know exactly what the terms of your agreement mean and how they will affect you in the case of death or divorce.
Is There A Difference Between A Pre- And Postnuptial Agreement?
The main difference is a matter of timing. Perhaps you have already married and now you are wondering if an agreement would be helpful. Ms. McClimon can explain the benefits of having a postnuptial agreement in place. It can still define your marital property, as well as recognize separate property, in the case of divorce or death. Many people find them a helpful addition to their estate planning documents to define certain beneficiaries.
Let Us Draft Or Review Your Agreement
Make sure you have solid legal advice when it comes to an agreement about your rights and assets. Schedule an appointment today by calling our office in Smithville at 888-712-4804 or by sending us an online message.