Marriage can be, and often is, a beautiful thing. Though some people may feel nervous entering a marriage, it affords them the chance to share their lives with the people they love. Though there may be several good reasons for someone to be anxious about marriage, one main reason is that his or her net worth is higher than the future spouse’s. Sometimes, when this is the case, the spouses-to-be will enter into a prenuptial agreement.
Prenuptial Agreements are Not All Bad
In Alabama, a prenuptial agreement is a contract entered into prior to marriage knowingly, freely, and willingly (as is applicable to all contracts) that details how a couple will divide property, often due to a specific event such as a divorce, sale of a business, etc. Depending on your circumstances, securing a prenuptial agreement may be the best decision for you and your future spouse. A prenup can be beneficial to anyone who has assets, debt, or children from a prior relationship since it ensures specific outcomes upon the dissolution of a marriage. Pursuant to Alabama law, a prenuptial agreement must be in writing and signed by the spouse who is giving up certain rights as part of the agreement. These rights can pertain to alimony and spousal support, but Alabama prenuptial agreements cannot encompass child custody or child support.
In order for the prenuptial agreement to be valid, both spouses must disclose their assets and debts to one another and this is best done through a certified financial statement. Though the financial agreement does not need to list everything in its entirety, there must be at least enough information for the contracting spouse to know what he or she is getting into. Because prenuptial agreements can become complicated, it is in your best interest to seek legal advice and representation if you are considering one, and for your future spouse to meet with an independent attorney, as well.
Need Legal Advice?
The misconception about prenuptial agreements can lead to a fair share of arguments, but prenups are not all bad and could even be the best thing for you and your future spouse depending on your circumstances. Because of this, seeking adequate legal advice and representation is invaluable to your case because an attorney can help you evaluate your situation. If you’re considering entering into a prenuptial agreement, let’s talk through your specific goals and situation. Then we’ll draft an agreement designed to move you toward a successful outcome.