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CarlGlendon   Image Posted May.17th, 2022, viewed 124 times

What Can You Use A Prenuptial Agreement For?

A Prenuptial agreement is a type of written contract that is signed by two people before they marry each other. Generally, it lists all the property owned by each person and specifies the property rights that each spouse will have after the marriage.

It is a wrong assumption that this kind of an agreement is only for the rich people. Although it is used often by wealthy people for keeping their assets protected, couples having more modest means are turning to such kinds of agreements more and more for their own requirements. These are some important reasons why a free prenuptial agreement might be needed.

Clarification of financial rights

Couples having children or not having children and whether or not they have wealth would like to clarify their own financial responsibilities and rights at the time of marriage.

The law recognizes marriage as a contract between two people and some property rights automatically come for each spouse with that contract. For instance, if there is no Prenuptial agreement, a spouse generally has the right to share ownership of properties that are acquired at the time of marriage, incur debts of the others spouse during marriage and have a share in the control and management of any community or marital property.

Obtaining debt protection

This kind of an agreement can also be used for the protection of spouses from the debts of each other and a free prenuptial agreement in Hawaii can also address many other types of issues as well.

Avoiding arguments during a divorce

By specifying in advance the way that the division of property will be done and whether or not either of the spouses will get any money, potential arguments can be avoided in case of a divorce, when there is this kind of a contract in place. In a few states, spouses are not allowed to give up their alimony rights. In most other states, however, an alimony waiver would be heavily scrutinized and will not be enforced in case the spouse giving up alimony does not have an attorney. Having a Prenuptial agreement in place can help in all such cases.

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Carl writes often about legal drafting and help.

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