Feel Secure in Your Future with a Well-Drafted Pre-Marital Agreement
Prior to a parties’ marriage, a premarital agreement can protect each party’s individual assets going forward in time in the event of a dissolution of marriage or death. A premarital agreement can also protect both parties’ income and assets earned or accrued after the marriage if one or both parties are seeking this type of comprehensive protection. This agreement can eliminate anticipated problem areas that may arise months or even years after the marriage so that there is no question about how a particular problem should be resolved. Specifically and depending upon the wishes of the parties, pre-marital agreements can be flexible and deal with many issues in the event of dissolution or divorce and/or death. This agreement can protect property that a party brought into the marriage, along with any growth or increase in value associated with that pre-marital property. They can protect gifts or inheritances a party may receive during the marriage, even though these gifts or inheritances occur many years into the marriage. This agreement can also protect the income earned by each party after the marriage along with protecting all assets purchased by a party either from the sale of pre-marital assets or income earned during the marriage. Finally, the pre-marital agreement can make a party responsible for their own individual debts that were brought into the marriage or which were created by a particular party during the marriage.
In addition to protecting assets and income of the parties, a pre-marital agreement can allow for the gifting of property from one person to the other person during the marriage, as well as allow the creation of a Last Will and Testament, which overrides the terms of the pre-marital agreement.
The terms of a pre-marital agreement can identify and allow for the cancellation of the agreement in writing if the parties’ marriage has progressed to a point where the parties wish for this to occur.