A prenuptial agreement, commonly referred to as a “prenup,” is often considered something of an insurance policy sought by the wealthiest half of a couple. However, a prenuptial agreement can be obtained by all members of society prior to a marriage, regardless of their assets and social standing. While we at The Law Firm of Caryn S. Fennell do not hold an opinion either way regarding the necessity or rationality of a prenuptial agreement, we will work tirelessly for those who come to us seeking help in preparing one.
When assisting you in the crafting of a prenuptial agreement, we will assign a seasoned and proficient attorney to tackle the various intricacies of the process, including:
Declaration of assets
When you are preparing to draft a prenuptial agreement, you and your partner should take the time to make a list of all the notable assets in your possession. Each item listed in the declaration of assets should be accurately described and its owner should be named. The process of declaring your assets does not affect which items are protected under the prenuptial agreement and should instead be looked at as a gathering of data before those applying for the prenup decide which items they would like to include in the completed document. The Law Firm of Caryn S. Fennell will work closely with you during this phase of the preparation process and will advise you as to which items you should seek to secure in the final draft of your prenuptial agreement.
Declaration of debts
When preparing a prenuptial agreement, both parties are required to disclose their financial assets and debts. Regarding debts, those seeking a prenuptial agreement can simply list more formal debts such as mortgages and court-ordered repayments, but we advise both parties to list all debts, no matter how minute they may be. The final draft of the prenuptial agreement should not just list these debts, but discuss how the marrying couple intends to manage them throughout their union. During the listing of financial assets, both you and your partner are required to declare your current savings. It is also necessary for you to disclose your income at the time of the drafting of the document, as well as your projected future gains. We recommend you dedicate a portion of your prenuptial agreement to the possibility of financial support, detailing how it will be provided and to which spouse in the event of a divorce.
Agreement of shared property
As well as listing each party’s separate property prior to their marriage, a prenuptial agreement should include a portion detailing the property expected to be accumulated throughout the union. All items which the marrying couple agrees to share during their time together will be listed as “marital property.” It should be noted that these are generally significant assets such as the family home and automobile. The document should also discuss how the marital property will be divided should the couple choose to separate.
A final word
Preparing a prenuptial agreement is certainly a challenging endeavor. If you are hoping to obtain a prenup prior to your marriage, you should anticipate a number of complications from the moment you raise the issue with your partner to the moment it is finalized by authorities. Caryn Fennell vows to be with you every step of the way and will help you complete all necessary documentation in as timely a manner as possible so you can proceed with your married life.