Pre & Postnuptial Agreements Attorney in Orange Beach, AL
Prenuptial agreements in Alabama often have a bad reputation and are frequently misunderstood. They can be important tools to use to protect yourself and your assets going into a marriage. What’s more: they offer transparency, and that’s a good place to start a marriage.
Prenuptial Agreements in Alabama
When two people are about to head down the aisle, they sometimes enter into a prenuptial agreement first. A prenuptial agreement is a before-marriage contract that lays out the specifics of what will happen to the property they own should the marriage fail.
Prenuptial agreements in most states can be used to address many different issues, including:
- What property should be considered marital and what should be considered separate? Instead of having a judge decide this matter pursuant to the laws of your state, you can decide beforehand.
- Protections for certain property. For example, if the engagement ring is a family heirloom on the spouse’s side, the parties may agree that in the event of divorce, the ring goes back to the husband.
- You may agree that should one or both spouses want a divorce, the parties are required to go through mediation or arbitration.
Prenuptial agreements in most states cannot be used to address certain issues, including:
- Custody and issues of child support are not allowed to be addressed in prenuptial agreements. The court will determine what is in the child’s best interest, not the parents.
- Courts do not like provisions that address personal rather than financial issues. For example, a prenuptial agreement should not contain a provision stating where the parties will spend their Christmases.
- A prenuptial agreement should not be used to address anything that is illegal. For example, if the family earns money through the sale of illegal drugs, who gets that business in case of divorce is not allowed to be addressed.
To be sure your prenuptial agreement is enforceable, it is best to make the terms as fair as possible to both parties.
Who Should Have a Prenuptial Agreement in Alabama?
While many people can benefit from the use of a prenuptial agreement, it is especially beneficial for people in the following situations:
- If you have children from a previous marriage, a prenuptial agreement can assist in protecting the inheritance of those children.
- If you own significant assets, a prenuptial agreement is a good idea to keep them protected.
- If you own a business, it is a good idea to look into a prenuptial agreement. This helps protect the business in case of divorce.
Contrary to popular opinion, prenuptial agreements aren’t just for the wealthy. They can provide needed protection to people from all walks of life. While you may be tempted to draft your own prenuptial agreement before getting married, it is a good idea to speak with an attorney regarding how these contracts work in your state, including what you can and cannot address. Courts have a tendency to look for reasons to find these agreements unenforceable, so the help of an attorney is almost necessary to ensure your prenuptial agreement is upheld in case of divorce.
Postnuptial Agreements
Postnuptial agreements in Alabama are not as widely known or used as prenuptial agreements, but they are just as important in terms of the protection they can offer, and just as damaging when not entered into fairly.
A postnuptial agreement is a contract between two married people where they address what will happen to their property in the event of a divorce. Postnuptial agreements are very similar to prenuptial agreements with the major difference that they are entered into after the parties are married rather than before.
Some of the matters that may be addressed in postnuptial agreements are:
- The division of debts should the parties divorce
- How property, or assets, will be divided in case of divorce
- If/how monetary support will be provided in case of divorce
As long as the provisions are compliant with the laws of your state, most marital issues may be addressed.
Do Postnups Hold Up in Court?
When contracts are entered into, it is typically because two parties are bargaining over something, such as a piece of land. If one party does not agree to the terms, they have the ability to walk away from the agreement. With postnuptial agreements, the parties are already married, so there really is no bargaining power. Because of this, courts tend to look down on postnuptial agreements. However, if the agreement is fair in its terms, abides by local laws, and both spouses entered into it voluntarily, the court will usually uphold a postnuptial agreement.
Who Needs a Postnuptial Agreement in Alabama?
A postnuptial agreement is recommended for many situations, but it is especially important in the following scenarios:
- Business Owners: If you own a business and want to protect its earnings, even those that have occurred during the time of the marriage, a postnuptial agreement can help.
- Fear of Financial Talks: If you and your spouse were worried about discussing finances prior to your wedding day but now that you are married, you see how a mutual agreement could be beneficial, a postnuptial agreement may be the route for you.
- Inheritance: If you or your spouse has received an inheritance that you don’t want to be considered a joint asset, a postnuptial agreement can help keep it separate in case of divorce. Also, if you begin to see that there may be inheritance disputes between the children you each had in previous relationships, a postnuptial agreement can prevent that from happening.
Do You Need a Family Law Lawyer in Alabama for a Postnup?
In short, yes, you should have an attorney to represent you in a postnuptial agreement for several reasons:
- To be sure you are treated fairly in the agreement
- To have the agreement upheld, as a court is much more likely to say it is a valid contract if both parties were represented by counsel when they entered into it
- To be sure the terms of the agreement are something the laws in your state allow
- Remember, when you hire an attorney, their job is to look out for your best interests.
Contact a Postnuptial Agreement Attorney in Orange Beach, Gulf Shores, Foley, and Baldwin County Today
Pre and Postnuptial agreements in Alabama do not have to be something to fear but can be something to help you and your partner prepare for the future for whatever may come. It’s about being proactive with the caveat that the agreement is fair and mutually agreeable. Find out if a prenup or postnup is right for you and your unique situation and contact us today either online or at 251-213-9343. We will schedule a consultation with our pre or postnuptial lawyer so that you can ask your questions and enter into an agreement that makes sense to you.