A prenuptial agreement, sometimes referred to as a premarital agreement or a marriage contract, is a contract entered into by married persons during the course of their marriage. It sets out the division and allocation of property in case the marriage does not result in a divorce. Prenuptial agreements are also used for other purposes unrelated to estate planning including choosing the law firm with which one plans to “divorce” and specifying consent procedures in medical emergencies.
You might need to hire a Milwaukee divorce lawyer to get a prenuptial agreement written. Prenuptial agreements are legal documents that affect the rights of every person involved in some way or another. Be very careful to do your research about prenuptial agreements before you sign one. Therefore, a lawyer experienced in family law is essential to help protect your rights.
What is the Scope of Prenuptial Agreement in a Divorce?
Prenuptial agreements protect the spouses from losing their assets to each other as they have already agreed on a fair and equitable distribution of their property should they decide to end their marriage. Prenuptial agreements also prevent both parties from behaving unfairly in case one spouse has been financially dependent on the other.
The scope of a prenuptial agreement is to lay down rules and regulations for the parties with regards to their marriage and the disposition of their respective property in case they separate. Therefore, if the partners in a marriage do not want to share any property gained during the marriage, it would be best they enter into a prenuptial agreement. Prenuptial agreements are also called premarriage contracts since they are entered into by couples when they plan ahead before tying the knot officially.
Prenuptial agreements can either be oral or written. They are usually presented during the process of impending nuptials or during cohabitation prior to getting married. It is important for couples to clearly understand the rights and obligations that come along with their prenuptial agreements.
What are the Different Types of Prenuptial Agreements?
There are two types of prenuptial agreements: The first one is known as a “standby” agreement where the spouses agree not to seek any form of alimony as part-payment of their respective assets should they later choose to divorce. The other type is known as a “maintenance” agreement which contains in it provisions for alimony and spousal support. This type is better suited for those who want to ensure that their spouse will receive maintenance payments after divorce especially in cases where there are children involved.
