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Many people have misconceptions about what a prenuptial agreement (sometimes called an antenuptial agreement) is for. Most often, prenuptial agreements are meant to protect the interests of existing children or partners in family businesses.
You do not need to be a Hollywood celebrity or millionaire banker in order to benefit from a prenup. Many people who are entering a second marriage, who have children from previous relationships, or who have family properties find them helpful. Often it is very positive for everyone to understand their rights and obligations clearly from the very beginning.
A properly crafted prenuptial agreement can designate certain assets as separate so they would not be subject to division in divorce and so that ownership would be clear for inheritance purposes.
It is likely that both members of the couple intend for large or family-owned assets such as vacation property, closely held stock, or a professional practice to remain separate. Nevertheless, it can be important to agree upon that characterization in writing. Doing so can not only prevent later misunderstandings, it can keep title to these assets clear, which can be important when they are sold or insured.
We recommend creating any prenuptial agreement well in advance of your wedding date to give you and your intended time to plan and to ensure that the romance is not taken out of the big day. Each party should retain an attorney to protect his or her interests.
Postnuptial agreements are gaining in popularity as financial tools for couples who are already married. These agreements (sometimes simply called marital agreements) are commonly used to make financial decisions such as setting budgets or keeping a spouse's business assets and liabilities separate from the couple's finances.
Just as with prenups, both parties should retain a Georgia attorney experienced in drafting marital agreements to protect their interests.
At Stearns-Montgomery & Proctor, we act as advocates for families throughout the Atlanta metropolitan area for both prenuptial and postnuptial agreements and have the best intentions for both parties in mind above all else. Have questions? Call us at (678) 971-3413 or contact us for a consultation.