What is a Prenuptial Agreement And Do I need One?
For many people, even the thought of getting a “prenup” is offensive to the idea of marriage. I believe that could not be further from the truth.
A prenuptial agreement is a contract entered into by the two people getting married. The Agreement will outline how the parties will treat various items of property and/or debt which the parties are bringing to a marriage. If one, or both parties, has significant assets that were accumulated before the marriage, a prenuptial agreement is usually a good idea. Also, because many people who marry have children from another relationship, it is often important to protect property for the benefit of those children.
Because Wisconsin is a marital property state, our law assumes that all property of both parties will be divided equally if a divorce happens. This is true even if some of the property was purchased well before the marriage. This is why prenuptial agreements are so essential in Wisconsin. If you have substantial assets, or if you want to be protected from the other person’s significant debts, or if you have children to protect, you should seriously consider and prenuptial agreement. The Nevitt Law Office can help you.
The prenuptial agreement is a contract. Accordingly, the individuals to the agreement control what it says. You can keep everything separate as you enter the marriage, or you can pick and choose. The agreement is whatever the parties want it to be. At the Nevitt Law Office, we tailor these agreements to meet the individual needs of each client.
When thinking about a prenuptial agreement and trying to decide if you need one, think about it the way you think about insurance. You do not intend to get into an accident, but accidents happen. Similarly, you do not ever intend to get divorced, but it could happen. Do you have assets you want to protect? Often, the answer to this is yes. We certainly hope that your prenuptial agreement, once signed by everyone, sits in a file somewhere and is never looked at again. However, if something happens in your marriage and divorce happens, the prenuptial agreement could be important in protecting the assets you had before you got married.
It is important for people seeking advice about a prenuptial agreement to get as much information as possible before entering into the contract. This is true for both parties. Because every agreement is different, we at the Nevitt Law Office work closely with each client to make sure what your agreement is and that it does what you need.