Significance of Obtaining a Prenuptial Agreement

It’s crucial to give serious thought to prenups early on in the engagement process because many lawyers require that they be executed at least several weeks before the wedding date. A prenuptial agreement can be critical in deciding how finances will be handled during a marriage and also how assets will be divided if the marriage doesn’t last.
Prenuptial agreements can provide peace of mind as well as protection for finances and assets. A couple may have very different financial backgrounds and may be bringing disparate levels of wealth and debt into the marriage. If so, the financial protections provided by a prenuptial agreement could be very important. Couples that enter into marriage from very different cultural or religious backgrounds may wish to draft a prenuptial agreement that makes clear what traditions should be followed in areas such as support for a family business , divorce and separation, as well as estate issues. Similarly, if one or both parties have children from prior relationships, a prenup can be helpful in specifying that children have priority over new step children when it comes to inheritances. Although a prenup can be beneficial to those who have children from prior relationships, in some cases it may not be necessary. Many state laws already provide for pre-marital assets to be separate property, with those assets then passed on to one’s children if the couple were to divorce; a prenuptial agreement is not always essential.

Selecting a Prenuptial Agreement Lawyer

The first step in the right direction to create a respected and legally binding document is to find the right prenuptial agreement lawyers. There are many qualified lawyers to choose from, but you do not need to be overwhelmed by the decision. Finding the right lawyer for you comes down to experience and comfort level. It is essential to find an attorney who has a background in family law and prenuptial agreements. These documents are not something that is frequently on the agenda for a real estate or criminal defense attorney. You want an attorney who has been providing prenuptial agreement legal services for some time. The signing of your document will initiate a lifetime bond with your spouse, so it is crucial to take the time needed to get everything right. If you set up consultations with a few different attorneys, ask them how much experience they have in prenuptial agreement law. Remember to trust your instincts. Does the attorney make you feel comfortable? Do you feel like the attorney is listening to your concerns? Would you feel comfortable calling the attorney for any additional questions after your consultation? This is someone you will not only be sending money for their services, but also someone who will become intimately involved in your life. You want to find the best attorney to help you create a unique, signed agreement that protects each of you while making your union stronger.

Advantages of Going with a Local Attorney

A significant advantage of engaging a prenuptial agreement attorney in your area is familiarity with laws specific to your state. Broadly speaking, all states within the United States follow the Uniform Premarital Agreement Act, but some local jurisdictions have unique differences in terms of the requirements for validity of a prenuptial agreement.
For example, in Connecticut a prenuptial agreement must be in writing, signed by both parties and acknowledged by both parties in the same manner as a deed. In New York on the other hand, the prenuptial agreement must be in writing and signed by both parties. Unlike Connecticut, however, there is no special form of acknowledgment required.
Another benefit is full accommodation of busy schedules. Since we live and work in your area, it is easier to meet with an attorney in their office or schedule a video consultation. Also, the attorney’s familiarity with your particular courts, judges, case management processes and rules of court can help them better advise you at every stage of your case.

Essential Questions for Your Prenuptial Agreement Lawyer

You might ask, what questions do I need to ask a potential lawyer? Here are some:
Have you worked with clients who own businesses like mine? The ability of the lawyer to understand the client’s business is critical to an enforceable prenuptial agreement. Family business including real estate and/or family vacation homes are commonplace. The lawyer should understand how such properties are valued.
Have you worked with clients in similar financial circumstances like mine? Heirs with significant family wealth should find a lawyer who has knowledge and experience with family dynamics, heirlooms, and how family business values are protected – if possible.
How much will the prenuptial agreement cost? A lawyer can prepare a prenuptial agreement for as little as $2,000.00 or as much as $15,000.00. Lawyers who have experience with prenuptial agreements can give you a fair estimate of costs. Generally, the agreement will be less costly if the client provides the lawyer with all the substantive information requested.
How long will the agreement take to complete? The lawyer should provide you with a checklist that includes all the information that is required. Sometimes the lawyer’s staff will interview the client and prepare the draft agreement. An experienced lawyer with a strong staff can develop the agreement in a timely manner.
How often do you do prenuptial agreements? A lawyer should be doing at least 2-3 prenuptial agreements each year. This level of experience will enable him/her to understand the dynamics of the clients’ relationships.

Decoding the Costs of a Prenuptial Agreement

Just as with the wedding or partnership celebration, hiring a prenup attorney represents an investment in your future and is not likely to be cheap. In some states, various emphases or add-ons such as multiple consultations, a review of individual and joint assets, and counseling may be bundled into one flat fee. In others, you may pay an hourly rate plus any necessary expenses, such as conference calls with remote counsel or teleconferences with family members. Though some attorneys may charge in the range of $2500 for a simple prenuptial agreement, it is not at all uncommon to encounter flat fees in excess of $10,000, sometimes much higher .
Even if you can now afford a prenuptial agreement lawyer, it is wise to assume that, as with most weddings or partnerships, you will go over budget. In some cases, friends and family may be willing to help fund or defray costs for a prenup attorney. In other cases, you may want to use the proceeds from the marriage to pay off this debt. You could also consider using prenup expenses to help boost marital assets (including the future value of the agreement) in preparation for divorce, but your lawyer can clarify the implications of this decision.

Myths and Truths About Prenuptial Agreements

There are many misconceptions surrounding prenuptial agreements, and always have been. Much of the negative attitudes we see today are the result of media promotion of the negative aspects of prenuptial agreements. Obviously, there have been many celebrities getting divorced lately, and prenuptial agreements make headlines. And what is reported – fair or not – can give people the wrong impression of what a prenuptial agreement really does, and there are some things that are not common knowledge which can give people the wrong impression of prenuptial agreements.
One of the biggest mistakes that clients have when meeting with us is that they think that a prenuptial agreement is only necessary if one of them is wealthy or if they are thinking of having children. Alternatively, clients think it is necessary because there is an age difference between the two of them. We do not see these as necessarily true. The purpose of a prenuptial agreement is to set out what will happen in the event of a divorce and to avoid litigation. This is an extremely important and valuable thing to do. It is not only for wealthy people or those who have children or age differences. It’s for anyone who wants to avoid the expense and time that a divorce will cost.

Conclusion – How to Best Make Your Decision

Making the Informed Decision
Both parties in a marriage share the responsibility of maintaining their own financial well-being; negotiating a suitable prenuptial agreement, and working with a qualified Atlanta divorce lawyer to ensure they’re represented properly, will help establish this security . A skilled family law attorney will ask the right questions, determine what legally constitutes fair, and protect their clients’ interests in a way that avoids unnecessary/litigated disputes.