Understanding The Importance Of A Prenuptial Agreement
Barring certain unusual circumstances, no newlywed couple thinks their marriage will end in divorce. Since the U.S. divorce rate continues to hover around fifty percent, however, the unfortunate truth is that approximately half of these newlywed couples will eventually experience it. Hopefully it won't happen to you, but it is important to be be prepared just in case.
Building a prenuptial agreement is an important part of being prepared. By building this document before you say "I do," you can establish some basic guidelines for how debts, assets, and parental rights will be shared in the event that you someday end up separating.
Tips For A Prenuptial Agreement
If you are getting married at the Lake of the Ozarks, the team at O'Donnell Law Center would be happy to help you prepare for this new chapter of your life by building a prenuptial agreement that will protect your interests. Here are a few simple suggestions to help you build a prenuptial agreement.
1. Don't Wait Until The Last Minute
As with any written contract, it is important to take your time as you build your prenuptial agreement. Most experts recommend finalizing this document at least six months before the wedding so you have time to make sure you are comfortable with its terms and that your partner has time to review it with his/her attorney. If you finalize your agreement less than a month of the wedding date, your spouse could eventually attempt to invalidate the agreement by claiming that he/she was made to "sign under pressure."
2. Talk Openly About Your Finances
Finances can be a tricky topic to discuss, even among married couples. Since financial challenges are some of the most frequent contributors to divorce, however, it is critical that you and your new spouse learn how to openly and honestly communicate about this aspect of your lives. Building a prenuptial agreement provides the perfect opportunity to practice these types of conversations.
3. Reduce the Terms to Writing
One benefit of a prenuptial agreement is that you and your spouse-to-be will outline written strategies for eventual division of assets and debts while you are both being sensitive and respectful of each other's needs. Once you have discussed and agreed upon the terms of the prenup that are important to you, it is important to write them down and share them with your lawyer, for incorporation into the formal, written document.
O'Donnell Law Center Is Here To Help
If you need to establish a premarital agreement at the Lake of the Ozarks, contact the team at O'Donnell Law Center. We have helped multiple couples navigate this important stepping stone towards marriage, and we would be honored to help you towards yours. Contact our family attorney in Osage Beach MO to get started.
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Phone: (573) 552-0317
O'Donnell Law Center, LLC
Osage Beach, MO 65065