Premarital Agreements 101

Valentine's Day is just around the corner, and love is definitely in the air! This is the time of year when tons of couples are getting engaged and eagerly planning their weddings. Every bride and groom thinks about planning the venue, the guest list, and the ceremony, but there's another important (and much less well-known) step to be taken before the big day: establishing the premarital agreement.

The team at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you gain a better understanding of premarital agreements and why they are an important step to take before saying "I do."

Premarital Agreements - Their Basic Purpose and Definition

Premarital agreements (also called prenuptial agreements or "prenups" for short) is a legal contract couples enter into before their weddings. This agreement legally establishes how finances, property, and other assets will be divided in the event of a divorce or death of one of the parties. Some people mistakenly assume that prenuptial agreements are only necessary when the bride or the groom comes from a wealthy background, but in reality, many couples can benefit from them.

Premarital Agreements - The Reasoning Behind Them

Obviously, no one wants to think about getting divorced while they plan their wedding. With the divorce rate currently exceeding 50%, however, it's safe to say that most couples can benefit from prenuptial agreements. 

Divorces are stressful events with lots of high-strung emotions. When in the middle of filing for divorce, some spouses are not able to maintain stable, balanced, or cooperative attitudes. Premarital agreements can be wonderfully beneficial, then, by allowing the couple to fairly divide their assets while both are in a cooperative mindset. 

Premarital Agreements - Who Should Get Them

Establishing a premarital agreement is a good idea for every couple, but they are especially valuable if you and/or your future spouse are in any of the following situations:
  • One of you is much wealthier than the other
  • One of you owns your own business
  • One of you has children from a previous marriage
  • Of of you has a lot of previous debt
Without a prenuptial agreement, many factors will be considered in a property division with no certainty in the outcome. If you don't want to risk taking equal responsibility your ex-spouse's debt or having to share your business' profits, establishing a prenuptial agreement is a smart move.

Premarital Agreements - How To Get One

Premarital agreements must meet specific criteria in order to be considered valid in the state of Missouri. An experienced Missouri family attorney can help you establish one fairly and effectively. 

If you have already gotten married, you and your spouse can set up a postnuptial agreement instead. These serve essentially the same purpose, but they are established after the couple is legally married. 

If you and your future spouse would like to set up a prenuptial or postnuptial agreement, set up an appointment with one of our family attorneys at the Lake of the Ozarks. We will be happy to assist!

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Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
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