Prenuptial Agreements In Phoenix – Benefits For Young People 

People don’t often realize that prenuptial agreements are just as much a benefit for younger couples as it is for older couples who are already established and pursuing a new marriage later in life. It’s common for people to think that the prenuptial agreement is available for those who already have assets instead of coming into it later in life. If you have questions about prenuptial agreements and how they can work for you before your upcoming marriage – contact Lasiter & Jackson in Phoenix today!

Prenuptial Agreements In Phoenix – Benefits For Young People

Engaged couples of any age and experiencing different financial circumstances can find prenuptial agreements useful and sometimes necessary. At the time of marriage, your financial situation may be much different than it has the potential to be in the future. A prenuptial agreement is an asset to individuals that can protect their future assets and income.

Without a prenuptial agreement, the state/district’s divorce laws will decide how your marital property and assets are separated and split between you and your spouse should you decide to divorce. Some younger couples may want to have more control and say over how their marital assets are divided before they reach a divorce.

A prenuptial agreement allows honesty and transparency about finances and assets prior to marriage and opens the communication about financial expectations before vows are said. Marriage is a very big step and many people are caught up in the love and beauty of marriage and do not look at the reality that comes should divorce happen. If a divorce ensues later, you may really wish that a prenuptial agreement had been part of your plan.

Prenuptial agreements can protect categories of future personal property that you don’t even know you want to protect.

Is A Prenuptial Agreement Right For You?

Bringing up the prenuptial agreement conversation before a marriage ceremony isn’t on everyone’s list of top things to talk about. But it can be an important conversation to have that can benefit both you and your future spouse.

Key takeaways for conversation:

• Without a prenuptial agreement, all of your income is considered a marital asset. Who earns it and what bank account it is deposited to or saved in is irrelevant. Everything will be split.
• Prenuptial agreements can address future acquired property, down payments or renovation funding.
• Gifts and family inheritances are typically considered separate property and do not always require a prenuptial agreement to split, but there are some situations in which inheritance could be considered a marital inheritance, and having a prenuptial written out for this situation can be a bonus you don’t know you need.
• Any business transactions or ownership that was acquired before or during a marriage can and should be addressed in a prenuptial. These situations are very complex and if you are able to write out the division of the asset before marriage, it is best to do so.

Prenuptial agreements are not the negative elephant in the room before a marriage ceremony. They are the result of two logical people understanding that relationships do not always go the way that they are planned. It is the responsible decision of two adults who believe that they should both go into a marriage understanding the financial expectations that each other has and how marital property should be obtained and divided should a divorce happen.

At any stage in life, divorce is possible. Conducting yourself in a manner that is respectful to your future spouse and to yourself is something that everyone should do. A prenuptial agreement can provide some peace of mind that allows room for spouses to focus on their marriage. If you are interested in learning more about prenuptial agreements and how they can benefit you, contact Lasiter & Jackson Law Firm in Phoenix today!

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