A prenuptial agreement is a contractual agreement between two people that deals with the financial consequences of their marriage ending.
While Utah divorce law is capable of dividing a couple’s property and assets, a lot of people are unhappy with the way the law works, and prefer to take control of their lives, rather than leave it in the hands of the Courts.
If you are much wealthier than your partner, a prenuptial agreement can ensure that your partner is marrying you for who you are, and not for your money. If you earn much more than your partner, a prenuptial agreement can be used to limit the amount of alimony that is payable. If you are remarrying, your legal and financial concerns are often very different than in your first marriage.
- What Is The Uniform Pre-Marital Agreement Act?
- What Could Keep A Pre-Marital Agreement From Being Enforceable?
Just as a prenuptial agreement can be used to protect a spouse who is well off, a prenup can also be used to ensure that the partner who is weaker financially is protected.
You may have children from a previous marriage, support obligations, and own a home or other significant assets. A prenuptial agreement can ensure that when you pass away, your assets are distributed according to your wishes, and that neither your first family, nor your new family are cut off.
Prenuptial agreements are good in situations where your partner has a high debt load. If you are marrying someone with a significant debt load, and don’t want to be responsible for these debts if your marriage ends, then a prenuptial agreement can help ensure that this does not happen. If you own part of a business, a prenup can ensure that your spouse does not become an unwanted partner in your business.
A prenuptial agreement is also advisable if you plan to quit your job to raise children. Quitting your job will negatively impact your income and your wealth. A prenuptial agreement can ensure that the financial burden of raising the children is shared fairly by both partners.
If you are considering the necessity of a prenuptial agreement, contact domestic attorney Kelly Peterson at (801) 616-3301 to schedule a consultation.