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Thinking about Getting a Prenup? (Part 3 of 3)

by Norris Law Group on July 2, 2014

Thinking about Getting a Prenup? (Part 3 of 3)According to an October 2013 report in Business Insider, many couples are waiting longer and longer to get married. This means that many couples may have accumulated some individual assets of their own, and if they are thinking about marriage, they may also wonder whether a prenuptial agreement would be a good idea. But each person in the relationship may be a little afraid to bring up the subject, lest the other think that mistrust has crept into the relationship at some point along the way.

LearnVest, a website dedicated to personal financial planning, financial planner Ellen Derrick and attorney Ann-Margaret Carrozza go over 9 Things You’re Embarrassed to Ask about Prenups in a 2013 article. This edition of our blog covers the final group of three. The previous two blogs cover the first and second groups of three.

7. “When is a prenup not necessary?” Ellen Derrick says, “If neither party really has significant assets or business interests, [a prenup is] probably a waste of money and effort.” But it can still be a good idea, especially if one or both spouses have high expectations for career and income growth as time goes on.

8.  “Can we change the prenup later?” A prenup may certainly be changed later. Both parties in the marriage just need to agree to the changes. Prenups can even “time out” after a period has passed, so that the agreement must be re-examined and perhaps rewritten.

9. “We didn’t get a prenup before we got married. Is it too late to get one now?” Yes. But as Carrozza says, “It’s too late for a prenup [once you’re married], but there’s a new species of document called a postnuptial agreement.” Postnuptial agreements can be more difficult to enforce than prenuptial agreements, as the Court needs to determine whether one or both spouses were under any sort of duress when they signed it. Postnups often deal with the children of the marriage, and clarify how the children would be cared for in the event of a divorce.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County and throughout Utah in the areas of family law, including prenuptial agreements. Contact them today at 801-932-1238 or online for a free consultation.

 

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