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When Can a Prenuptial Be Useful?

You are contemplating marriage. However, you want to make sure all the assets that you have worked very hard for during your lifetime are protected. You want to make sure the inheritance for your children from a first marriage are preserved. A prenuptial agreement may be a useful tool for someone who is a senior citizen and meets a new love. It can also be useful if you have been in a long term relationship and now plan to marry. 

The Purpose of a Prenuptial Agreement

The goal of a prenuptial is to protect the assets you have built up over your lifetime. It can be an essential legal document to protect your assets. It can help you avoid expensive costs, stress, emotional turmoil, and expensive litigation in the future. For example, if you have a well written prenuptial agreement and you were to divorce in the future, you could petition the court to determine the validity of the prenuptial agreement. You bifurcate the divorce proceeding and determine the validity of the prenuptial agreement. 

If the court were to determine the prenuptial agreement was valid, then you avoid the cost of a lengthy court proceeding that drains your assets. You avoid a divorce trial. You lessen the burden of having to pay temporary attorney fees and temporary support during the timeframe of protracted litigation. You would only have to pay that if appropriate until the prenuptial agreement is determined to be valid. 

A prenuptial may also be useful if you know you will be inheriting a large sum of money in the future. It is a way to protect your inheritance. 

When to Create a Prenuptial Agreement

Financial experts advise that the decision on whether existing assets may be part of the new marriage’s assets and marital assets should be taken soon into the relationship. You want to prepare a prenuptial agreement several months before, or a year out from the marriage date. You do not want to wait until a month before the wedding or a few weeks before the wedding to decide you need a prenuptial agreement. 

The further the timeframe from the date of the marriage to the prenuptial agreement, the better your argument is that both parties had ample time for attorneys to review, revise and negotiate the prenuptial agreement. That can be used to counter, if the other party challenges the prenuptial agreement due to coercion or duress. Further, it is best to disclose your net worth to your future spouse. 

These are just a few items to think about if you are contemplating whether a prenuptial agreement would be useful to you. If you have more questions regarding a Marital and Family Law matter, you may call Ann Marie Giordano Gilden at Ann Marie Giordano Gilden, P.A. at 407-732-7620 and set an initial consultation.