Most married couples strive for enduring and committed relationships. However, unexpected events can lead to divorce. Given the rise in divorce rates, it is prudent to consider prenuptial and postnuptial agreements to protect your financial and legal interests in both happy and unforeseen circumstances. These agreements govern the allocation of your assets when you get divorced. Both contracts deal with similar issues like financial asset distribution and property division. They also address how sentimental items and heirlooms will be managed. Still, there are some differences between these contracts.
Time For Making Contracts
It may take several weeks to prepare a prenuptial agreement. If you have thought of making a prenuptial draft, you must contact a lawyer 3 months before the wedding date. Both parties should provide accurate details to lawyers. Each part must also make a financial disclosure.
Compiling the details is a time-consuming process for some couples. After drafting the agreement, you have to consider a negotiation period.
Postnuptial agreements will take a longer time because it is challenging to make couples agree on the way to separate the assets during the divorce.
Cost Of Agreements
The prenuptial and postnuptial costs vary with your asset type and the state where you reside. Moreover, if the negotiation time increases, it will raise the costs. Some attorneys have set a flat rate for their services, including initial consultation, revisions, agreement drafting, and negotiations. If you are looking for attorneys for marital agreements, you can visit CabanasLawFirm.com/.
Prenup Agreements: Merits And Demerits
While making your prenuptial contract, you should disclose sensitive financial issues. It can reduce the risk of misunderstandings in the future. It also removes your concern that your partner is marrying for financial gain. Prenuptial agreements also deal with the children-related issues of your previous relationship. If you have no prenuptial contracts, these issues are negotiated first during the divorce.
However, as you bring financial and legal issues to your marital engagement, it may indicate a lack of commitment to the relationship. To learn about the current laws, you can consult your attorney.
Pros And Cons Of Postnuptial Agreements
Postnuptial contracts are legal documents executed by couples after their marriage. From spousal alimony to financial issues, different things are included in the agreements. The attorney will help you create an outline of how you will manage your financial assets if your marital relationship ends. They also ensure that no particular spouse gets a favor during the asset allocation.
Postnuptial agreements have some negative sides because there is a potential for developing mistrust in a relationship. Other common disadvantages include limitations on financial flexibility, emotional stress, and difficulty in future predictions. Legal enforceability issues may also arise while making postnuptial agreements.
So, you can now search for attorneys to make your marital contracts. Let your partner understand the importance of these agreements in marital life. You can avoid several complications if you have made these contracts beforehand.