Do You Need A Prenuptial Agreement Before Marriage?
When a couple gets married, property, money and other assets belonging to one spouse typically become jointly owned marital property – in other words, the property is now owned jointly by both spouses. If you would like to keep your assets separate from your spouse’s once you are married, you can prepare a prenuptial agreement to protect your assets and financial worth after marriage.
At Wolinetz | Horvath | Brown, our team of family law attorneys has over 75 years of combined experience helping clients focus on long-term, big-picture ideas, including prenuptial agreement preparation. We help clients address their financial interests and plan for the future. We understand that deciding whether to get a prenup can feel emotional and difficult. Our experience and understanding can help you address those concerns and focus on the benefits of protecting your future.
What Is A Prenup, And What Does It Cover?
A prenuptial agreement is a legal contract between two people who plan to get married that helps define important property rights should the marriage falter. This includes expenses incurred during the marriage as well as what will happen to debts, property and other assets if you divorce or your spouse dies. Once the terms are determined and agreed upon, the prenup agreement must be signed by both parties and the couple must be married for the agreement to take effect.
Terms of the agreement can cover such issues as:
- A spouse’s right to owned property
- Alimony terms, amounts and conditions
- Division of assets and debts
- Management of an owned business
- A spouse’s right to the inheritances or gifts of the other spouse
- Rights to receive death benefits from insurance policies
Prenuptial agreements are meant to address many of the issues that would otherwise be determined during a divorce.
Would A Prenuptial Agreement Help Protect Your Future?
While Ohio does not require a prenup, people with property or assets – or those who have been through a previous divorce – should consider having an attorney create one to help protect their interests. A prenuptial agreement may also benefit people who marry later in life and have already acquired property or other substantial assets.
Others who may benefit from a prenuptial contract include people with children, those who want to address their children’s care after divorce or the death of a spouse and professionals, businesspeople, athletes, coaches and politicians.
Frequently Asked Questions About Prenuptial Agreements
A prenuptial agreement can raise questions about who needs one, what it can cover and when to begin the process. Understanding these issues can help couples make informed decisions about their financial interests before marriage.
Is a prenup only for wealthy people?
No. A prenuptial agreement is not limited to couples with substantial wealth. While a prenup may benefit someone with significant assets, a business or other financial interests, it can also help couples address property and financial matters before getting married.
A prenup may also be worth considering when either person has children from an earlier marriage or relationship, particularly when they want to address financial interests that may affect their family. Each couple has different circumstances, so the appropriate terms of a prenuptial agreement will depend on their individual needs and goals.
What cannot be included in a prenuptial agreement?
A prenuptial agreement can address many financial and property-related matters, but the couple cannot use it to establish terms that conflict with applicable law or public policy.
For example, a prenup generally cannot determine child custody or support in advance. Courts decide those issues based on the child’s best interests and applicable law at the time of a divorce or separation. Provisions that someone obtained through fraud, duress or coercion may also create enforceability concerns.
Because the circumstances and terms of each agreement differ, couples should have a proposed prenuptial agreement reviewed carefully before signing.
When should a couple start the prenup process?
Couples should start discussing a prenuptial agreement well before their wedding date. Starting early gives both people time to discuss their financial interests, review the proposed terms and consider whether they want to seek independent legal advice.
Waiting until shortly before the wedding can create unnecessary pressure and may raise questions about whether both parties entered into the agreement voluntarily. Starting the process early gives each person more time to understand the agreement, address concerns and make informed decisions before the marriage.
Wolinetz, Horvath & Brown, LLC, Can Help You Protect Your Future
Before the wedding, a prenup can give couples an opportunity to address financial issues and decide how they want to handle their assets and obligations. With more than 75 years of combined experience, our family law attorneys can help you understand your options and prepare an agreement that addresses your circumstances.
Take steps to address your financial interests before marriage. Contact us online or call us at 614-362-8847 to schedule a time to discuss your prenuptial agreement.