Planning a wedding—you have to consult with caterers, florists, musicians and an attorney? Many couples choose to have a Georgia prenuptial agreement, sometimes called a premarital agreement, signed before they say “I do.” The reasons vary but include:
• One of the partners may have substantial assets they don’t want to lose in case of a divorce.
• The partners want to set the parameters for alimony payments in case of a divorce.
• One of the partners has been divorced and wants to make it easier if there is another divorce.
Georgia prenuptial agreements usually don’t cover property or assets accumulated after the marriage. And these agreements cannot include child custody or child support. Those issues are determined by family courts since those rights belong to the child.
Here are considerations if you are asked to sign a Georgia prenuptial agreement:
• If your fiancé has asked you to sign a prenuptial agreement, speak with an attorney on your own. This could be a tough decision since you are likely feeling in love and you trust your fiancé. But you need to make sure your interests are protected if that trust is broken.
• A prenuptial agreement can be changed later. Attorneys refer to this as “re-up the prenup.” The new agreement can include any property or assets obtained by either spouse since the marriage.
• If you are already married and wished you had signed a prenuptial agreement, it’s not too late. You can sign a “post-nuptial agreement” which is accepted in Georgia courts.
• If after many years of marriage you and your spouse want to cancel the agreement, you can. Most prenuptial agreements contain a clause that allows a couple to tear it up.
• A prenuptial agreement is not a substitution for a will unless it is specified in the document. Most attorneys will recommend you have a separate will to cover what will happen to the assets in you die.
Prenuptial agreements are often expensive since you are considering property division and asset splitting before a divorce occurs. These agreements can also be emotional since you are planning for a possible divorce at the same time you are planning your wedding.
However, Georgia prenuptial agreements have saved some people thousands of dollars---even though who never thought they would divorce. You never know how people will change (even spouses) and protecting your financial future is always a good idea.
Michael Waddington is a trial attorney that has been quoted by hundreds of major media sources to include USA Today, Washington Post, New York Times, Newsweek, Fox News, Fox and Friends, CNN, MSNBC, CBS News, ABC News and many others. He is the founder of the legal marketing firm, Legal Niche Pros, LLC. Learn more at www.legalnichepros.com.
