Alarming rate of divorce in our society has led to several problems. Besides, the emotional mess that it generates, a divorce is also responsible for causing conflicts regarding the division of property and other assets amongst the spouses. Often, one spouse brings more assets into a relationship than the other partner. While in matrimony, both the partners can enjoy the asset, however, after the marriage breaks, the asset should go to its rightful owner. If it is to be divided amongst the partners, then the division should be fair. Property disputes tend to escalate when the spouses are not on good terms with each other when the relationship turns sour.
Hence, it is imperative that such important decisions must be taken only after healthy discussion between partners. This is only possible when the partners do not have any negative feelings towards each other. This condition warrants the need for a prenuptial agreement,which is a document signed by partners before tying a knot. As the partners are in a healthy relationship at this time, they know exactly what they are getting into. This prevents possible conflicts in the future.
Prenuptial Agreement Overview
Prenuptial agreement is a single document which lists and preserves the wealth of both the partners. It strictly mentions the assets of each of the partner and also indicates how they wish to split their wealth in an event of divorce. Interestingly, this document not just intervenes during legal separation and divorce, but it may also serve as an important document during other financial disputes or property conflicts between warring partners.
It is drafted by the partners under the supervision of attorneys only after consulting their respective lawyers. Although, partners may choose to draft and supervise the agreement on their own, such an agreement may not be considered valid by the court, during dispute. To avoid invalidation of your prenup, it is best to get it drafted by your attorney only.
One of the misconceptions regarding pre-nups is that only celebrities or wealthy people need them. However, this is far from truth, as property dispute may arise between an ordinary couple as well. Besides, it is not just meant for men who need to guard their assets from gold diggers, but many women are also resorting to secure their assets from getting invalidated by their spouses.
Prenuptial Agreement Cost
Another misconception regarding prenuptial agreement is that it is expensive. Although, a prenup does not come cheap, its total cost may only amount to a fraction of the total worth of assets guarded by it. The rate is influenced by the complexity of the document. Obviously, the more complex the terms and conditions of the documents and the larger the worth of assets, greater is the cost of drafting a pre-nup.
An attorney may demand a flat fee for drafting a pre-nup or he may charge you by hour. The charges of family attorney run anywhere between $100 - $500 depending upon their reputation. On an average, the cost of getting a prenup drafted is anywhere between $2000 - $7000 for an average income couple. If we are talking about wealth worth millions of dollars and complex clauses, then the cost may go as high as $25,000 - $50,000.
Thus, a prenuptial agreement can be a good measure to secure your future in case things do not go as expected. No matter how intimidating the idea of dividing your property even before you take first step in matrimony sounds, it is always best to secure your assets. These things are an essential aspect of matrimony as love does not always protect your marriage from all odds.