Planning A Proposal? Consider A Prenuptial Agreement
Did you know that the month of November is the start of proposal season? According to The Knot, a notable wedding planning company, about 47% of couples “pop the question” sometime between November to February — and it’s easy to see why. Holidays like Thanksgiving, Christmas, New Year’s, and Valentine’s Day create the perfect opportunity for a magical proposal.
If you’re preparing to ask your partner for their hand in marriage, take a moment to consider a prenuptial agreement. While this can be a delicate discussion, it’s best to decide how financial accounts and premarital assets will be distributed in the event of divorce before you sign the marriage certificate.
Prenuptial Agreements: Protecting Your Future
A prenuptial agreement (otherwise known as a “prenup”) is a signed legal document that details the finances and assets each party is entitled to during a divorce. While anyone can sign a prenup, they are commonly used for couples who run a business, own individual property, or hold financial investments independent from each other.
How To Discuss A Prenup With Your Partner
Clients, how you approach your partner with the initial prenup discussion is crucial — you are not entering a marriage anticipating it will fail. However, you also don’t want to risk losing everything you’ve worked for in life because you were unlucky in love.
That’s why it’s important to approach a prenuptial agreement together and work on the document in a joint effort. Yes, you each will need legal counsel to ensure the document is fair for both parties. However, as long as there is transparency and honesty regarding a prenup, most couples can draft a legal agreement, sign the papers, and move on in their marital bliss.
What You Stand To Lose Without A Prenup
Anything is fair game without a prenup. Unfortunately, no one (not even the best therapists and lawyers) can predict what will happen over the course of your marriage. Outside of the obvious reasons, like infidelity, divorce can happen after life-changing accidents.
Brain injuries are notable marriage killers due to personality changes after an accident. In some cases, people suffering from a brain injury can become irritable, depressed, or anxious. While treatment can help manage these symptoms, it doesn’t guarantee that your partner’s old personality will return.
Safe to say, it’s best to work out the divorce details in a prenup, rather than draft up a post nuptial agreement when things are tense. Without any nuptial agreement, the spouse with the most assets will lose the most.
Take Jessica Simpson’s first divorce from Nick Lachey in 2005. She has expressed to press that her ex approached her about a prenup prior to marriage and she regrets rejecting the idea. She ended up paying Lachey around two million dollars in their divorce settlement. In Simpson’s second marriage to Eric Johnson, she made sure to sign a prenuptial agreement — which will come in handy since the pair announced their separation earlier this year.
Hickey & Hull Will Help You Draft A Prenuptial Agreement
Are you engaged and looking to create a prenuptial agreement? The family law attorneys at Hickey & Hull have helped countless Arkansas residents during divorce proceedings. It’s not a pleasant experience for clients without a prenup; they are often left paying more money to their ex spouse or receiving less marital assets.
By signing a prenuptial agreement, you can focus on the things that matter most in life and leave the small details to the lawyers. After all, a prenup is only there to protect you if you need it. Contact our offices at (479) 434-2414 or chat with our online agent to set up your initial consultation appointment!