How Does a Prenuptial Agreement Protect You?
The idea of a prenuptial agreement is becoming more and more popular. At the Family Law Practice at Levy Craig Law Firm in Kansas City, we like to believe that’s because people can see how good of an idea it is. No matter what your financial situation is, it’s always a good idea to have an understanding of where things would stand with finances if the marriage were to end.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract made between both sides of a marriage that covers how finances would be split in the event of a divorce. This might not seem like the most cheerful topic, but these types of agreement can help avoid stress down the line. When couples have this conversation early on in the engagement process, it helps each party reduce their financial worries.
In addition to conversation of assets after divorce, the information about where each party is before going into the marriage is also extremely valuable. Prenuptial agreements require each party to share the state of their finances. This will allow you and your partner to have clear ideas of what the other’s income and assets look like.
The Process
Both you and your partner are recommended to hire legal counsel to explain what might happen if the marriage ended without a prenuptial agreement in place. A lawyer experienced in this field will help you create the agreement. Our prenuptial lawyers have experience with many cases, and might be able to think of issues that you wouldn’t. During this time you will discuss questions like how long the agreement will last, and at what rate will it go away if it does.
To prepare for this process, you and your spouse will need to prepare a financial statement listing each of your assets and debts. These statements become part of the agreement when it is finalized so that both sides know the other side was transparent. Full disclosure of finances is essential to enforce the ability of the agreement.
If you’re preparing to get married in the Kansas City metro area, let the Family Law Practice at Levy Craig Law Firm provide an experienced prenuptial lawyer. Put your mind at ease with a detailed agreement. To schedule a consultation, call us at (816) 454-7474 or click here to contact us online.
