In life, events do not always go according to plan and that can be the case with an engagement. What happens after you and your significant other call off your engagement? Apart from the emotions, recovery, and losing the deposits to the caterers, florists, dress makers, and wedding planner, this key question always comes to mind: Who gets to keep the engagement ring as well as other gifts that were received?
Before you hear the wedding bells ring you have to decide whether or not a prenuptial agreement is right for you. A prenuptial agreement, often abbreviated “prenup”, is an agreement made between the two people who plan to marry concerning the ownership of their respective assets in the event of a divorce. The State of Georgia recognizes both pre and post-nuptial agreements.
Before you say “I do,” consider the following five benefits to having a prenup:
With almost one in three of all first marriages ending in divorce and more than 50 percent of marriages involving children, having a premarital agreement is an important contract for smart financial planning. Marriage is not only an emotional and physical union, but a financial union as well. Having a premarital agreement will better serve both individuals to understand their rights and responsibilities to one another and can make for a positive outcome in the event of a divorce.
An increasing number of Georgia newlyweds are choosing to sign prenuptial agreements. Although it seems unromantic, this decision often makes sense. Couples wary of high divorce rates often find solace in a document that can protect their assets in case the marriage is unsuccessful. However, when considering whether such a document suits your case, remember that not all prenuptial agreements are considered enforceable by Georgia law. The Georgia Supreme Court dictated three primary considerations for the enforceability of prenuptial agreements in the case of Scherer v. Scherer: