The engagement period is an exciting time, where you and your fiancé are reveling in your love and the dream of happily ever after. There is nothing quite like the romance-killer conversation of a prenup. After all, a prenup focuses on what will happen if your marriage fails. Having a premarital agreement in place before walking down the aisle is a valuable tool for many people and how you approach the topic with your future spouse is everything.

Scroll on for more about talking to your betrothed about a prenup.

What is a Prenuptial Agreement?

This agreement is a written contract that is signed by a couple before marriage. This contract maps out what will happen to your and your spouse’s income, property, and assets in the event of a divorce, separation, or even death.

Why the Topic of a Prenup Can Be Beneficial

Bringing up the topic of a prenup with your soon-to-be-spouse can feel imitating. As you prepare yourself to have this conversation, remember that prenups are not solely about the money; they also touch on topics like family matters, inheritance, children, business, and more. Talking about getting this agreement in place can help your furniture relationship by helping you chat with your partner open and honestly, setting the stage for future conflicts that you will undoubtedly encounter.

How to Talk About Premarital Agreements with Your Fiancé

If this all seems easier said than done, we have gathered some useful tips that should help you get through the conversation:

• Remember, it is merely a conversation, not a demand! Approach this sensitive topic by inviting your fiancé to discuss the idea of a premarital agreement versus making it a demand. For instance, hearing, “Can we talk about the idea of a prenup?” is much easier on the ears, heart, and mind than, “You are signing this prenup.”
• Approach this topic as a joint project instead of presenting them with an already written contract.
• Allow your partner plenty of time to consider the idea of a prenup. They will need more than a few weeks before your wedding to think about it. Besides, a judge can void a prenup if the contract was signed under stressful circumstances, such as a nearing deadline.
• Speaking of time, timing is everything. Make sure to bring up this fragile topic at a good time. Try not to spring this conversation on your fiancé while discussing your honeymoon or when you are meeting up with family or friends. This is not a casual conversation, so give it plenty of time and cushion.
• Help your fiancé understand that a prenup benefits and protects them, too.

Contact The Ault Firm, P.C.

Before going to the alter with your future spouse, you may be considering having a premarital agreement written up. If you are in Salt Lake City or West Jordan, Utah, or the surrounding area, it is important to have an experienced prenuptial agreement attorney on your side who will work to ensure success. With skillful preparation, the professionals at The Ault Firm are committed to protecting your interests and what you have rightfully earned. Contact our knowledgeable team to schedule your case review today.

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These agreements are a legally binding contract between spouses to determine how assets, property, and debts will be divided if the couple were to divorce. Contrary to popular belief, prenups are not only for the wealthy or for people with plenty of assets. More couples are choosing to add a prenuptial agreement to their marriage than ever before.

Below you will find the pros and cons of these agreements.

The Advantages of Prenuptial Agreements

Protect Personal Property — When it comes to divorce, one of the more contentious moments is when assets and debts are divided. Categorizing a divorcing couple’s belongings into personal property and marital property can be overwhelming and frustrating. However, this agreement can help you avoid this headache by outlining who claims which property, such as family heirlooms and other valuable assets, beforehand.

Protection Against Debt — Similarly to how personal assets and property can become marital assets, debt can also become shared in a marriage. If your soon-to-be spouse has an extensive amount of debt, this agreement will allow you to define in detail how it will be handled in the event of a divorce.

Save Your Time and Money — It is no secret that divorce can get drawn out, therefore, become expensive. Avoid this stressful hassle with an agreement that addresses everyday legal matters in a divorce. In a divorce, having a prenup with these outlined can give you a quick resolution, avoiding a lengthy and exhausting court battle.

The Disadvantages of Prenuptial Agreements

Like most things, with advantages come disadvantages. Here are some of the drawbacks of prenuptial agreements:

A Loss of Romance — Amidst a whirlwind of romance and the excitement of a new engagement, the last thing you want to think about is the possibility of divorce. There is nothing romantic about prenuptial agreements. But it is important to remember that relationships and marriage are more than just romance. These unions include serious topics such as finances and property. If you are considering this agreement, make sure to carefully, respectfully, and delicately handle the situation with plenty of time before the wedding for your betrothed has enough time to consider its terms properly.

A Lack of Balance — Love can sometimes cloud your judgment and you may agree to terms that are either not in their best interest or are unbalanced. Avoid these issues by ensuring the agreement favors both parties and is “fair” by individually hiring legal representation.

Contact The Ault Firm

When you are faced with divorce, everything you have worked for could all be at stake. Properly protect yourself with a prenuptial agreement. Whether you have an existing agreement or need a new one written, The Ault Firm’s legal professionals can help. Our skilled team of attorneys are highly trained and are committed to success. If you are in the Salt Lake City area and require a prenuptial agreement, contact The Ault Firm to schedule a consultation today.

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Continue reading below to find out everything you need to know about prenuptial agreements.

What is a Prenuptial or Premarital Agreement?

Utah State Legislature states that prenuptial agreement means “an agreement between prospective spouses made in contemplation of marriage and effective upon marriage.” Utah requires both individuals to sign a written prenuptial agreement.

 What Can a Prenuptial Agreement Include?

• Dividing and allocating separate and marital assets and property.
• Alimony or spousal support concerns.
• Keeping certain property and assets in the family.
• Provisions concerning children from previous marriages.

What Premarital Agreements Cannot Include

• Directions concerning child support, custody, or parent time.
• Daily tasks or duties for spouses throughout the marriage.
• Waiving rights to alimony.

What You Need to Know About Premarital Agreements

Here is everything you need to know about prenuptial agreements in Utah:

• A judge can rule a premarital agreement unenforceable if the agreement was fraudulent (meaning, one spouse was not fully disclosed of all assets or property) or did not voluntarily enter the agreement.
• Prenuptial agreements are made to be permanent. However, they can easily be revoked should the couple feel there is no longer a need for the contract. Under Utah law, if a couple wants to modify or cancel their premarital agreement, both parties must sign a written agreement.
• A sunset clause or provision may be included in prenuptial agreements that place an “expiration date” of sorts on their agreement.
• If you and your spouse regret not filing a premarital agreement, you can still get the same security with a postnuptial agreement.
• If a prenuptial agreement heavily favors one party above the other, a judge may void parts of the agreement or the entire agreement.

Benefits of Premarital Agreements

Prenuptial agreements come with many benefits, such as:

• A premarital agreement protects both parties if the couple divorces and gives both spouses an idea of what to expect should they divorce.
• Prenuptial agreements can save you thousands of dollars in legal fees throughout the divorce process.
• A premarital agreement ensures the state will not divide your assets and property.

Contact The Ault Firm, P.C.

If you need a prenuptial agreement or need to make adjustments to an existing agreement, contact the legal professionals at The Ault Firm, P.C.

You can trust our knowledgeable and experienced team to protect your assets and interests. We are highly trained and committed to our clients’ needs first and will work closely with you to ensure the best possible outcome.

If you are in the Salt Lake City or West Jordan area and need a prenuptial agreement attorney, contact The Ault Firm to schedule a case consultation.

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One of the largest divorce settlements in history

This means that MacKenzie is due roughly 60 billion dollars once proceedings have concluded. Apart from this unimaginable amount of money, the couple is also one of the largest landowners in America. It has been reported that they share ownership of over 400,000 acres of land. They also have a diverse portfolio with stakes in companies like The Washington Post, Zappos, Whole Foods and dozens of other companies. You might be asking yourself, “With so much money at stake, why did they not have a prenuptial or postnuptial agreement in place?”

We can only speculate the answer, but a few facts may give us some insight into the matter. The first point is that they were married in 1993 before Amazon was ever created in 1997. This means that the company will almost certainly be considered a marital asset. Business minded individuals and entrepreneurs may decide to enact a postnuptial agreement after a company has experienced a certain level of success. This option has both positive and negatives. On the positive side, this agreed upon contract can help save company interest should the CEO every gets divorced. On the other side, a postnuptial agreement can be uncomfortable to bring up. This is especially true for the couple that has been together for a quarter of a century who plan on being together for the rest of their lives.

What we can take away from this news story?

Perhaps the first thing that comes to mind is, “wow that is a lot of money.” On a more serious note, this story is a reminder to ensure your assets are protected should a divorce be on the horizon. For now, it seems like the couple is going to have an agreeable and non-contested breakup. We cannot all assume that parting with our significant other will go as smoothly. If you live in the Salt Lake City area out lawyers can help with both prenuptial and postnuptial agreements. Not only can these agreements help with financial issues, but they can also cover a wide range of topics. Call out office today to learn more and request a case review.

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Community Property

Ten states currently have community property laws for assets and debts. This means that any debt or asset gained prior to or during the marriage are the responsibility of both parties even if it was in only one spouse’s name. A well established prenuptial agreement overrides these laws and will divide debts and assets according to the couples specifications. Something to keep in mind is that a prenuptial or postnuptial agreements is only between the couple and no one else. So creditors will not be informed and will still try to come after both spouses during collection attempts. Accounts that have both individuals names on it are, of course the responsibility of the couple.

Student Debt

Without a prenup or postnup, if your spouse goes back to school and acquires debt while doing so even, if they are the sole name on the account, you can be liable. The reasoning is that by your spouse furthering their skills and bringing in a higher income for the household you also benefited. Since you both benefit from the education, you are both liable for the debt. If your spouse is thinking of going back to school prior to getting married, have an honest discussion and outline the repayment and liability in the prenup. When a couple has been married for some time and one spouse wishes to go back to school a postnuptial agreement can come into play. If a prenuptial agreement has already been established you can meet with a Salt Lake City prenuptial agreement attorney to modify your prenup or start a postnup.

Premarital vs. Post Marital Debts

As unromantic as this contract may sound it is the smart thing to do. The idea of what’s yours is mine is great in theory but many couples handle finances differently and that can lead to arguments and divorce. These forms of contracts can actually strengthen a relationship because they clearly define who is responsible for what and set realistic limits. The couple has to sit down and discuss what they want in the agreement and their future financial goals. You will need to decide what to do with your current debts like credit cards and car loans. Will you be both be sharing the burden or will you keep it separate? Postnuptial debt is acquired after you get married and you need to consider how that will be handled. If one of you takes out a new credit card and is the only person using it, will you both be paying for it? These are some things that need to be discussed when meeting with a Salt Lake City prenuptial agreement attorney.

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