We all want to protect our families and assets, and one way to do that is to sign a prenuptial agreement before getting married.
The lawyers at Checkett, Pauly, Bay, and Morgan explain what a prenuptial agreement is and who can benefit from them.
What is a prenuptial agreement?
Antenuptial Agreements, or Prenuptial Agreements, are contracts parties enter into before marriage. More commonly called a prenup, these contracts list the assets belonging to each individual and who will retain the rights to those assets if the marriage ends.
In a marriage that ends without a prenup, the assets shared are divided equally between the two parties. If a person has substantial assets entering into a marriage, like inheritance, real estate, etc., a prenup can guarantee they will still keep those assets should the marriage end.
Why is a prenup important?
Without a prenup, a spouse has the right to nearly half of all marital assets in the case of a divorce. Also, upon the death of a spouse, the surviving spouse obtains very substantial rights under Missouri probate law.
When a husband and wife have children from a prior marriage, the need for a prenup and the stakes involved grow substantially larger. Many contested probate cases involve children from prior marriages or children and a surviving spouse fighting over the deceased person's assets.
Who needs a prenup?
We are often asked when a client should have a prenup. At Checkett, Pauly, Bay & Morgan, we advise individuals entering into a second marriage, particularly if there are children—and especially if there are children and assets—to obtain a prenup.
Having a prenup going into the second marriage will keep spouses and their prior children from having disagreements over who should get certain assets should a divorce or death occur.
Does a prenup have to occur before the marriage?
A postnuptial agreement is much like a prenuptial agreement but occurs after the two parties have already been married. It outlines the division of assets for each spouse should a future divorce occur.
Legal Representation in Southwest, Missouri
The lawyers at Checkett, Pauly, Bay, and Morgan can answer your additional questions about prenuptial agreements and how to draft one in Missouri. Contact us today online or by calling (417) 358-4049.