Young adults in Ocean City preparing to marry may assume they are so in love that they do not need to consider the possibility of divorce. However, this does not mean they should not consider executing a prenuptial agreement. A prenup is essentially a contract between spouses outlining property division, alimony and other financial aspects of marriage and divorce. The following are some tips to keep in mind if you are considering entering a prenup.
Do not wait until the last minute to execute a prenup
When a couple becomes engaged, they should bring up the topic of a prenup early. No one wants to feel rushed into a prenup that they may not completely understand or that they are uncomfortable with. Moreover, a prenup executed at the last minute may not be enforceable when the couple divorces.
Keep things fair
Prenups should be fair to both parties. A prenup should not be so lopsided as to give one party undue rights or deprive a party of what is rightfully theirs. For this reason, it is required for both parties to disclose all their assets and debts when executing a prenup. Trying to hide assets is a bad idea. Not only is it likely you will be caught, but it could invalidate the prenup in a way that is not in your favor.
Consult with an attorney
Prenups are legal documents with legal consequences in the event of a divorce. For this reason, each party to a prenup will want to have his or her own attorney advise them of their rights and responsibilities under the proposed agreement. This way, each party can understand the terms of the document, the effect of the document and the document can be legally enforceable when the time comes.
Seek assistance if you are considering a prenup
Prenups can be an important part of any marriage. They may not be romantic, but they are practical. This post does not contain legal advice. Couples in Ocean City who are engaged to be married and want to execute a prenup may want to discuss their situation with an attorney to learn more about their rights and options.