Prepare Your Marriage For Any Event
“Be prepared” is more than a scouting motto; it’s a maxim for every major undertaking in your life, including marriage. Marrying someone is one of the most significant financial decisions you can make, which is why you need to be ready in case things don’t work out. A prenuptial agreement protects your assets from the moment you get married, upholding both your rights and those of your spouse.
What Is a Prenup?
Short for “prenuptial agreement,” a prenup is a contract that specifies how you and your future spouse will settle financial questions in the event of your death or divorce. Under Arkansas law, prenups can cover how you will divide your debts and assets, especially those you had before getting married. They can also determine whether one of you must pay alimony if you get a divorce. Prenups in Arkansas may not cover child support or custody.
How Can I Get a Prenup?
Couples can sign a prenuptial agreement before getting married. Arkansas law requires that you both sign voluntarily, that each person is represented by an attorney and that you list all your assets honestly. If you fail to uphold these requirements, the contract may be declared “unconscionable” when you divorce or void upon your death.
Do I Need An Estate Planner?
Yes- If you want to control what happens to your property after you pass, you must plan accordingly.
Why Might I Get a Prenup?
Second and third marriage or remarriage later in life is one of the most common reasons couples decide to get a prenup. That’s because, under current Arkansas law, what a surviving spouse receives upon their partner’s death was designed when women couldn’t work outside the home and needed a man to support her. The current law was built for a young couple who had nothing to start with and who would never divorce. Upon the death of the husband, the wife was only given a one-third interest. This was only to hold her over until she could remarry. This situation doesn’t apply to many couple and with a prenup, they are able to design rules that work best for their situation.
Prenups are also ideal if you have significantly more wealth than your spouse does, or vice versa. In this scenario, you may worry that your partner is just marrying you for your assets. Prenuptial agreements eliminate this fear and ensure that your marriage is about love.
Even if you and your partner have similar amounts of wealth, you may still come into the marriage with specific pieces of property that you do not want to lose. A prenup ensures that you keep control of those assets no matter what.
For more information on prenuptial agreements and other legal solutions for you and your family, contact Estate Planners of Arkansas P.A. today.