As most couples begin to plan their weddings, they ought to consider if a Premarital Agreement if right for them. Each fiancé has an option to retain counsel to represent him/her in the preparation and execution of such an Agreement for many reasons. Both individuals and their respective attorneys work together on the drafting of this Agreement, which usually reduces any conflicts that may later arise if they divorce because the Premarital Agreement dictates how marital property (real and personal, including debts and obligations) is to be divided.
These Agreements also may set forth how to divide property upon one’s passing, which is not the focus herein but important to note those who enter into a Premarital Agreement ought to have a separate estate plan that controls the division of property. Finally, Premarital Agreements usually state that non-marital property (real and personal) will be the property of the party who it prior to the date of marriage. This article breaks down what specifically are Premarital
Agreements and what they entail.
