Prenuptial Agreements in Albuquerque
Prenuptial Agreements in Albuquerque
People get married because they are in love and want to spend the rest of their lives together. Unfortunately, about half of all marriages in America end in divorce, forcing separating spouses to haggle over the property and other assets that need to be divided. Though often seen as terribly unromantic and pessimistic, Prenuptial Agreements protect both parties in the event the marriage ultimately does not work out.
What Are Prenuptial Agreements in Albuquerque?
Casually referred to as a “Prenup”, a Prenuptial Agreement is a legal document that dictates how the parties’ assets and/or debts will be distributed between the parties if the marriage is dissolved. In addition to the financial implications, Prenuptial Agreements can also cover such important topics such as how the parties’ individual income is characterized as well. The Prenuptial Agreement also provides for disclosure of all assets that each party owns prior to the marriage, and how ownership of these assets will be determined in the event of a divorce.
A Prenuptial Agreement is used to make predeterminations regarding personal and marital property and how that property will be divided or protected as separate property in the event of a divorce. Issues that can be addressed and resolved in Prenuptial Agreements include real estate property, stocks and bonds, retirement accounts and any business and other income.
Why Prepare or Sign a Prenup Agreement?
The main purposes regarding or signing Prenuptial Agreements in to avoid lengthy and costly divorce proceedings. Both parties will save on hefty lawyer fees and other legal expenses without a prenuptial agreement that divides all property and assets in advance, and that establishes each spouse’s rights and responsibilities should they divorce. Those who come into a marriage with significant wealth or children from a previous relationship often need additional protection and provisions that are set forth in a prenuptial agreement.
Are Prenuptial Agreements Just for Wealthy People?
You do not need to be exceptionally wealthy or hold significant amounts of assets to have a prenuptial agreement before getting married. Prenups are often used to protect assets that have already been acquired or to guard against responsibility for debts incurred by either party prior and/or during the marriage.
Do you need a Lawyer for Prenuptial Agreements?
Even under the best circumstances, it is always advisable to be personally represented by a qualified attorney in all legal matters. At the very least, a family law attorney can look over the document and advise you on whether you and your assets are adequately protected under terms of the agreement. The length of time between the signing of a prenuptial agreement and wedding ceremony is also an important factor to consider.
Prenuptial Agreements in Albuquerque from PJ Hartman
If you are looking to have a prenuptial agreement in Albuquerque prepared, contact the law office of PJ Hartman. With more than 20 years of family law experience, PJ Hartman knows how to achieve civil, cost-effective and timely solutions. To schedule a consultation, call (505) 247-3335.
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