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Pre-Nuptial Agreements

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Should Both Parties Have Pre-Nuptial Agreements?

A lawyer usually draws up pre-nuptial agreements, also known as premarital agreements, after being drafted by the two people involved. It is important to sit down and discuss with your future spouse everything that you want to include in your pre-nuptial agreement. Both parties need to retain their own lawyers in order to have both lawyers look over the document to ensure that it is being fair to both people, and not favoring one over the other.

Be aware that if you decide that a pre-nuptial agreement is not romantic or that it forecasts divorce for the couple and decide to forego the document then you could be in for more than your share of heartache if the marriage ends in divorce in the future. Without this important legal document, the state will end up with all of the power over your property in the event that your marriage comes to an end.

Having a pre-nuptial agreement can help to protect money that one spouse has saved for his or her child's (or children’s) education and future. If you make the important decision to have a pre-nuptial agreement drawn up before you get married then time, money and a great deal of emotional stress can be saved.

To get the process off to a smooth start, communicate openly with your future spouse and together make a list of all of your assets. Next you will need to find a pre-nup lawyer in your state or local area whose specialty is divorce and remarriage (even if this is your first marriage). It then becomes necessary for both parties to hire their own pre-nup lawyer in order to draw up the pre-nuptial agreement. This is added insurance in the event that either person alleges fraud has been committed if the marriage comes to an end. If either one of the parties has a child or children from a previous relationship or marriage then it is vital to clarify each person’s rights to the property and how these rights will be upheld while the marriage is taking place, and also if the unthinkable-divorce or death- takes place.

The two pre-nup lawyers then put their heads together and cowrite the pre-nuptial agreement taking into account what is best for both clients. The pre-nup lawyers can use custodial accounts, wills and living trusts to draw up the pre-nuptial agreement.

After this has all been done the pre-nuptial agreement then needs to be signed in triplicate and then both parties will receive a copy and a third copy of the agreement will remain with a lawyer independent of the situation or a CPA or in some cases, will be placed in a safety deposit box in a bank. It can never be emphasized often enough, a pre-nuptial agreement is a way of ensuring that both people have a sense of peace of mind and serenity as well as as much security as possible.

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