Prenups are Not Just for Barry Bonds Anymore
Prenuptial agreements, also known as premarital agreements, have a bad reputation. They are often associated with the very wealthy and are seen as a way of guaranteeing the wealthy person retains their property and that the spouse marrying the wealthy individual is “not marrying for the money.” While this stereotype may apply sometimes, it is not always the case. Premarital agreements can be a way of defining ownership of certain property prior to entering into a marriage or guaranteeing ownership of certain property in the event of a divorce.
In Utah, postnuptial agreements (agreements entered into after marriage) are also recognized and considered valid if they are done right. A postnuptial agreement is a way of protecting assets and rights once a couple has already entered into a marriage.
Utah Valley prenuptial agreement lawyer Matthew Brimley has many years of experience practicing family law. He has assisted numerous clients draft and negotiate prenuptial agreements. Put his experience and knowledge to work for you. Contact the office BRIMLEY FAMILY LAW, LLC at (801) 375-1100 today to schedule a consultation.
Premarital Agreements Protect Your Estate in Utah, an Equitable Distribution State
Utah is an equitable distribution state. This means that in the absence of a premarital agreement, all property acquired during marriage (with certain limited exceptions) is marital property and would be subject to an equitable distribution upon divorce. A prenuptial agreement can override that presumption if it is stated in the agreement. Prenuptial agreements can also make agreements regarding potential spousal maintenance, division of assets, and division of debt.
It is important to contact a lawyer who understands the complexity of these agreements, and who is familiar with the requirements for a valid prenuptial agreement in order to ensure any agreement reached is appropriate and legally valid. It is also important that each party either be represented by counsel, or be given the opportunity to consult with counsel.
Prenuptial Agreements Protect Assets and Investments Even After Marriage
At times it becomes necessary or appropriate to define or negotiate agreements regarding property rights during marriage. Postnuptial agreements may be helpful if, for instance, one party to the marriage is starting a new business with several partners and the partners need clarification on the ownership rights. Both prenuptial agreements and postnuptial agreements, if they have been done properly, make the eventual process of the dissolution go much more smoothly as many of the issues have already been defined.
Brimley Family Law — No Case is Too Big or Too Small
Mr. Brimley is a knowledgeable and experienced family law attorney who has been assisting clients with their family law matters for many years. He has negotiated and drafted many prenuptial agreements and would be happy to assist you with any questions you may have regarding your potential agreement. Contact his Provo office BRIMLEY FAMILY LAW, LLC at (801) 375-1100, 43 E. 200 N., Provo, Utah today for a consultation to discuss your rights.