Prenups are not reserved for the rich and famous. Anyone can get a prenup nowadays. Whether or not you should is something that weighs on the minds of those who plan to get married. Many people worry that broaching the topic of a prenup with their partner will offend or hurt them and that getting a prenup is essentially a sign that you’re anticipating divorce further down the line. 

However, if you and your partner get a prenup, this can actually help your marriage. If you do end up divorcing each other, the prenup will also make this process easier and more painless. Here is what you need to know about the benefits of if you get a prenup. 

Should You Be Offended By A Prenup?

This depends. If your partner proposes that you both get a prenup, this does not mean that they are planning on divorcing you. Think of a prenup like health insurance: you don’t plan on getting hospitalized, but it’s good to have it just in case. You may not plan on getting divorced, but in the event that you do, it’s good to have a prenup that you both agreed to when you were in reasonable states of mind.

Prenups should be fair. You should both have the legal capacity to enter into the contract. You should both have your own attorneys in order to ensure that the agreement is fair. The prenup can not be entered into by fraud, undue influence, or duress. You and your partner can both suggest changes and edits to your prenup until you come to an agreement that suits your relationship. 

Prenups provide proof of premarital property and protection of assets you either bring into the marriage or receive during the marriage. Both parties having separate legal counsel ensures it is a valid agreement and prevents one party from being put at a disadvantage.

How Can Your Marriage Benefit From A Prenup? 

Prenups tend to put people on edge. They worry about being taken advantage of or that if they get a prenup, this means that their future spouse won’t be committed to them. They fear that if they get a prenup, this is dooming their marriage to fail.

These are persistent myths. If you get a prenup, it won’t destroy your relationship. However, it will force you and your future spouse to have open and honest conversations about your finances, boundaries, and plans for the future. 

These conversations can bring issues already present in your relationship to the surface. If these cannot be resolved and the relationship ends, you can dodge the bullet of divorce. For instance, if your spouse was going to take advantage of you, you will know this sooner than later and be able to walk away before tying the knot.

In many cases, if you and your partner get a prenup, this can set you up for a successful marriage. Here’s what you need to know about how your marriage can benefit from a prenup.

#1. Prenups Can Build Trust

Before you get married, you need to ensure that you and your partner are on the same page in regard to all important matters. For instance, whether or not you want to have children is something that you should talk about when the relationship first starts getting serious – not after tying the knot. 

Finances and assets are no different. If you and your partner get a prenup, it creates transparency about what each of you are bringing to the marriage. It lays everything out from properties to debts. Many couples avoid talking about finances and assets – which can cause significant problems and even divorce further down the line. 

Prenups allow you to ensure that you and your partner are aware of each other’s situation. It allows for you both to handle your finances how you prefer. This can build trust and strengthen your relationship.

#2. Prenups Set Expectations 

When you get a prenup, you and your partner can set out financial roles and responsibilities. For instance, if one of you has a significant amount of debt, the prenup can ensure that that is their responsibility, not both of yours. It can lay out who is responsible for what, such as if one of you has one property and the other has another. 

Prenups can establish the roles you will each play. You can have the prenup say that you both will have your own individual accounts as well as a joint account for expenses like a mortgage. 

Prenups also set expectations for how disparities between wealth will be handled and the financial interests of any children from a previous marriage. They can quantify how a business one of you owns will be handled, if an inheritance remains non-martial property, and conditions for if one of you is planning on being a stay-at-home parent.

#3. Prenups Are Made To Fit Your Relationship

Prenups can fit as many or as few issues as you want. If all that matters to you is that what was yours before the marriage remains yours, the prenup can cover that. If you want to include other issues, such as spousal support or assets in the marriage, you can do this as well. 

When you and your partner sit down and talk about if you should get a prenup, this can bring to light what boundaries you would each like to set, as well as if you want it to ensure it cares for the other in some way. 

When you and your partner get a prenup, it can set you up for a successful marriage. And should you end up divorcing each other further down the line, it can make the process a lot easier. 

Do You Need A Prenup?

Everyone can benefit from getting a prenup. Kaufman, Nichols, & Kaufman can help you with both pre and postnuptial agreements. If you want to get a prenup, please do not hesitate to contact us today to schedule your consultation.

In specific instances, a couple hoping to separate might be granted an annulment. Though the process of obtaining an annulment, as well as the legal, financial and personal responsibilities each spouse might be required to resolve in its wake are similar to that of a divorce, there are certain notable differences between the two legal concepts. This brief article will examine the process of annulment in Utah.

The Definition of Annulment

When a marriage is annulled, a court of law determines the union is invalid. Should annulment be granted, said relationship is terminated and expunged from legal record.

Obtaining an Annulment

Only a court of law can annual a marriage. Said event will take place only if the union in question met one of very specific grounds established by state law. In Utah, courts are permitted to grant annulment if the parties were genetically related such as siblings or first cousins, one party was either under 14 or 16 years of age, one of the spouses was under 18 and did not receive parental consent for the marriage to occur, both parties were of the same sex or one of the parties was already married and not officially divorced from their first spouse. The court might also consider granting an annulment in the instance of fraud, misrepresentation or if either party refuses to consummate the union.

If any of the said criteria are met, the spouse in question can initiate the annulment process. The court requires applicants to fill out the appropriate forms listing the ground(s). Once the necessary paperwork is completed, the court will schedule a hearing in which both the applicant and accused party can plead their case using evidence and witness testimony (if applicable). The court will then weigh the facts and render a decision.

Other Considerations

Being granted an annulment does not mean specific legal, financial and personal matters are immune from resolution. The court might still require spouses of an annulled union settle several important issues including asset allocation, alimony and, for those who have minor children, child custody and support.

• Asset Allocation: Utah is an equitable distribution state. This means that a court will split the former couple’s marital assets as evenly and fairly as the judicial body deems appropriate. Marital assets are the property the spouses accumulated during their time together. Holdings said individuals had prior to their union are not typically considered amongst marital property.It is important to note, however, that equitable distribution does not necessarily means an even 50/50 split. The court will consider the most equitable percentage distribution after considering factors such as each spouse’s age and health, income earning capacity, how much each spouse contributed to the accumulation of marital assets or if either party exhibited any form of malfeasance.

  Like divorcing spouses, those granted annulments are permitted to devise their own asset allocation plan. That said, said financial blueprint must still be reviewed and accepted by a court of law.

• Alimony: On specific occasions, one spouse will be required to pay alimony of support payments to said individual’s former partner. Parting spouses might have a significant income inequity that could leave the individual earning less with serious financial hardship when the annulment becomes official.To avoid such circumstances, a court might mandate that the spouse with greater income remit support payments to the other. Spouses might be able to agree how much alimony one might pay to the other. If said parties cannot reach agreement, a court will render said determination after weighing several considerations such as each party’s financial stability, the receiving spouse’s earning capacity, as well as both parties age and health.

Child Custody/Support: Should the spouses in an annulled marriage have minor children, custody and financial support of said issue must also be resolved. In Utah, custody is defined as legal (those who render important legal and health decisions for the child/children in question) and physical (the spouse with whom the child/children reside with following the annulment).

Parting spouses could be granted either joint or sole physical and legal custody. Usually, after hearing the testimony of both parents and considering numerous factors, a court will render custody and financial support decisions based upon the child’s best interests. Splitting partners can author a parenting plan disclosing with whom the child/children will live, when said issue will visit the other spouse and other key subjects. That said, said document must be reviewed and approved by a court of law.

Contacting Us

For more information, please visit https://www.knklawfirm.com/. If you reside in the Ogden area, our firm can answer any questions you may have and might be able to provide necessary counsel should you face these circumstances.

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