What to Know Before Getting a Marital Agreement
Getting married is an exciting time and one of the most memorable moments you’ll experience in your life. When you get married, you’ll share a lot with your spouse, including money, property, and assets. But, maybe you have assets that you would like to protect, or you want to ensure that you get what you think is fair if the marriage reaches an end.
This is where premarital agreements can come into play. In North Carolina, marital agreements can be made between any couple, no matter their background or financial status, and there are pros and cons to getting one.
Pro: Claiming Your Assets Beforehand
Getting divorced can be time-consuming and working out how you and your spouse will split assets in the event of a divorce can take months to resolve.
If you and your spouse aren’t on the same page with how your assets and property will be shared between you in your marriage or after a divorce, drafting a marital agreement would save you a lot of time in the long run.
Con: Can't Request Certain Assets
You can’t request a specific amount of spousal support in a marital agreement if you get divorced.
North Carolina has laws for divorcing couples that set limitations on spousal support. For example, your spouse would pay enough spousal support to help you avoid being eligible for public assistance.
Pro: Protect Separate Property
With a premarital agreement, you’re able to protect property or assets you own before you get married. Marital agreements are just for couples with a high income or highly valued properties, there are more instances when an agreement can benefit both parties, like:
You own a small family business.
You have children from a previous marriage.
You have significant financial obligations or debts.
You can protect your spouse’s assets if they pass away.
Con: Negativity Surrounding Marital Agreements
The subject of prenups/premarital agreements is commonly avoided because of the negative connotation that you’re going to get divorced in the future if you get one.
Also, even if you have an agreement with your spouse, if they intentionally hid assets, you could face a lengthy divorce process and your agreement may not hold up in court.
Pro: An Experienced Attorney Can Help
An attorney who regularly works with clients on drafting premarital agreements can explain your options and help you figure out what can and can’t be included in an agreement. At Rech Law, P.C., we have experience in reassuring clients that marital agreements are a step in the right direction to disclosing information to their spouse that they otherwise wouldn’t address.
If you have any questions about marital agreements, call us for a consultation at (704) 659-0007 and we can begin drafting your marital agreement!