Why entering into a antenuptial agreement is so important?
When it comes to planning a wedding, the last thing you think about is an antenuptial agreement. Agreeing to a certain marital regime isn’t about planning for your marriage to fail; it simply is about protecting both you and your partner from financial stress in the long run. Although not very romantic, having this honest financial discussion before marriage can be a very positive experience.
Antenuptial agreements are a common step taken before marriage which establishes the rights and responsibilities of each spouse in the event of a divorce. It is a contract that is drafted before the wedding day. Since the agreement is a legal document it is prudent that same is drafted by a lawyer with experience in family law. The agreement determines what happens to each spouse’s assets and liabilities should the marriage end in divorce or death.
Antenuptial agreements have become more common over recent years particularly for couples in second marriages or those who want to protect a business or inheritances.
Antenuptial contracts can either be drafted to provide for or exclude the accrual system.
Parties married without entering into an antenuptial agreement will automatically be married in community of property which means that all assets and liabilities accumulated before and after marriage will be shared equally between the parties.
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