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Monday, January 16, 2012
Sunday, January 1, 2012
When You Don't Have a Prenuptial Agreement
Prenuptial agreements can play a vital part in reducing the high conflicts arousing in a divorce. It clearly defines the property that has to go to each side. The content of the prenup can differ from one agreement to the other, but they all consist of rules for property division, and spousal support in case the marriage ends.
Some considerations
A prenuptial agreement, or a prenup is a written pact by a couple before they get married. It basically defines the property each party owns, and the individual property rights after the marriage.
In some US states, the prenuptial agreement is more commonly called premarital agreement, or an antenuptial agreement. Some other common terms are premarital contract, and prenuptial contract. There are some agreements that are made after the marriage, and they are called postmarital, postnuptial, or simply marital agreements.
No prenup?
If you did not make a prenuptial agreement, in that case, the state laws will decide who will own the property acquired during the marriage, and what will happen to the property in an event of divorce or a death.
The property that you obtain during your marriage is known as either marital property or communal property, depending upon the state laws. In the absence of a prenuptial agreement, state laws will determine what will happen to a part of your property that you owned before the wedding.
Under the state laws, marriage is considered as a contract between the two marrying parties. And like other contracts, it is better to keep things clear.
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