Prenuptial and Postnuptial Agreements
Prenuptual and Postnuptual Attorney In Hurricane Utah
A prenuptial agreement is a legal contract that allows two individuals who intend to marry to create a plan for how assets will be divided in the event of a divorce. While this is the primary purpose of prenuptial agreements—or “prenups,” as they are commonly called—can be used to outline a variety of issues and rights as they relate to each future spouse.
Prenuptial agreements tend to have a bad reputation but they are, in fact, very beneficial for most couples. While no one likes to imagine a future that involves separation, divorce, or death, having a plan in place for such events can provide both individuals in a marriage with great peace of mind in knowing that they are protected.
Similarily, A postnuptial agreement is a way of protecting assets and rights once a couple has already entered into a marriage.
Postnuptial agreements may be helpful if, for instance, one party to the marriage is starting a new business with several partners and the partners need clarification on the ownership rights. Both prenuptial agreements and postnuptial agreements, if they have been done properly, make the eventual process go much more smoothly as many of the issues have already been defined.
Utah is an equitable distribution state. This means that in the absence of a premarital agreement, all property acquired during marriage (with certain limited exceptions) is marital property and would be subject to an equitable distribution upon divorce. A prenuptial agreement can override that presumption if it is stated in the agreement.
Contact Ruesch & Reeve law firm to learn more about prenups and Postnups and your options for protecting yourself and your marriage.