Prenuptial Agreement Lawyer in Columbus
What Is a Prenuptial Agreement, and Do You Need One?
When you’re getting married, the things at the top of your mind are likely starting a family, building wealth, and making memories as you grow old together. However, not all marriages are blissful or stand the test of time.
According to a report by Statista, the rate of divorce in Ohio is 2.5 for every one thousand people. While no one wants to think about divorce, it’s important to be prepared for all possible outcomes. And beyond the separation, there’s the question of finances.
This is where a prenuptial agreement comes in. A prenuptial agreement, or ‘prenup,’ is a contract between couples who are about to marry. This document can outline how assets and debts would be divided in the event of a divorce and set rules for marital property and children from previous relationships.
If you’re thinking about getting married, it’s important to consult with a prenuptial agreement lawyer to see if this document would be right for you. Read on to learn more about prenuptial agreements in Ohio and where to find the best prenuptial agreement lawyer.
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What Is a Prenuptial Agreement?
A prenuptial agreement is a legally binding document that sets out the division of assets and debts in case of a divorce. It can also give each spouse rights to the properties they bring into the marriage and protect family property and children from previous relationships.
Prenuptial agreements can be customized according to your needs. You can include any provisions you want in the document so long as the agreement is fair and equitable for both parties. Again, speaking with a prenuptial agreement lawyer is important to ensure all provisions are lawful.
What Does a Prenuptial Lawyer Do?
A prenuptial agreement lawyer will help you draft your prenup, review it for any issues, and revise the document until both parties agree on its terms. They will also advise you on any legal implications of the agreement and ensure that it’s fair and equitable for both parties.
What a Prenup Can Do
Prenuptial agreements can serve numerous purposes depending on your needs. These include:
- Protect Spouses from Each Other's Debts. For several reasons, one can borrow money and take up loans. This may be to cater to emergencies or invest. In some cases, the investments do not succeed, or the income stream meant to repay the borrowed money is cut. When this happens, the debts, which still need to be repaid, can become financially straining. If your spouse is in such a situation, a prenup can help protect your assets from being taken away to repay their debts.
- Set Rules on Marital Assets. During your marriage, one or both of you may work or invest. The resulting income can be used for the family or just for one of you. And generally, even if one party is not involved directly in wealth creation, they're still considered a key contributor. A prenup can determine how the marital assets you've acquired during your marriage are divided. This applies even if you separate or one of you dies.
- Protect Family Property. A key motivation for most people working towards amassing wealth is safeguarding future generations. In most cases, generational wealth is meant to stay in the family. So, if you're a beneficiary of an inheritance, heirlooms, business, or property passed down to you, a prenup can ensure these assets are not taken away in the event of a divorce.
- Protect Children from Previous Relationships. If either one or both of you have children from previous relationships, they may be entitled to some form of financial support. A prenuptial agreement can help protect those children's future interests if the marriage doesn't last.
Drafting a Prenup
When drafting a prenup, you want to protect yourself and your assets. However, keep in mind that you’re signing a contract with someone you love. So, as you safeguard your interests, ensure the agreement is fair to both parties.
Here are some of the ways to achieve this:
- Both Parties Should Have Legal Representation. It's important to have a lawyer review the agreement and provide legal counsel on any issues. This is especially true if one or both parties do not understand the implications of certain provisions. An experienced prenuptial attorney can help ensure that all relevant laws are considered during drafting.
- The Agreement Should Be Equitable. The agreement should be fair and equitable to both parties. This means that the provisions in the prenup should not unfairly favor one spouse over the other.
- It Should Include All Details Important to Both Parties. You should include details such as how you'll share financial responsibilities, inheritances, debts, children's support, and any other issue that is important to both of you.
How a Prenuptial Agreement Becomes Invalid
Since prenuptial agreements are legally binding contracts, you may assume that once signed, there’s no going back. However, there are circumstances in which the agreement may become invalid. These include:
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Coercion
If either party was forced or fraudulently induced into signing the agreement, it'll be considered invalid. -
Inaccuracy
Misrepresentation of facts or incorrect information on the document also makes it void. -
Changes in the Law
Changes in the laws governing prenuptial agreements may render the document obsolete. -
Failure to Disclose Property or Debts
Not disclosing information about property and debts also invalidates such an agreement. -
Unfairness
If the agreement is found to be unfair or unconscionable, it may not be enforced. -
Absence of legal representation
If either party did not have legal representation during drafting, the agreement would be invalid. -
Failure to execute
The document must be signed by both parties and notarized to be legally binding.
Types of Attorneys that Can Handle Prenuptial Agreements
As with any legal matter, it’s always important to have an attorney with expertise and experience in that field. Because prenuptial agreements are valid contracts, you want a lawyer specializing in contract law to review and approve them.
Some of the types of attorneys that can assist you with prenuptial agreements include:
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Business/Contracts Attorneys
Prenuptial agreements come with tax implications that you should understand. For this purpose and to safeguard a company, a business attorney with knowledge of contract law can help. Consider the size and complexity of your company when choosing a prenuptial agreement lawyer. It is also essential to seek out an attorney with experience in the law surrounding your line of work. For example, a lawyer experienced in real estate law would be the best choice if you own a real estate business. -
Family Law Attorneys
When it comes to family matters, such as prenuptial agreements and divorce proceedings, it's always best to consult with a family attorney. This is because things can easily become complicated due to alimony matters, child custody and support, and property division. To prevent things from getting messy, you must have an attorney who understands the intricacies of family law. They can provide legal counsel on any issues that may arise. They can also review and approve the prenuptial agreement. -
Estate Planning Attorneys
Estate planning attorneys are a good choice if you and your spouse have significant assets or complex estate plans. They can help draft prenuptial agreements that will protect your interests and those of your children and grandchildren.
Getting Legal Representation
When it comes to navigating the complexities of drafting a prenup, ensuring its accuracy, and protecting your interests, it’s always best to seek the services of a qualified prenuptial agreement lawyer in Columbus, Ohio.
An experienced lawyer can ensure that:
- The agreement is fair and legally binding
- Both parties understand their rights and obligations under the agreement
- All relevant laws are taken into consideration when drafting the document
- Your interests are fully protected
An Attorney You Can Count On
Aside from being a requirement, an attorney is an invaluable asset in the prenuptial process.
With the help of a legal professional, you can create an agreement that meets your needs and protects both you and your loved one from any financial hardship if the marriage should end in divorce.
However, it’s not just about hiring an attorney. You need one who comes with a proven track record and understands the complexities of prenuptial agreements in Ohio.
This is where the Law Office of Dmitriy Borshchak comes in. Our prenuptial agreement lawyers in Columbus, Ohio, are experienced, knowledgeable, and dedicated to delivering top-notch legal services.
We provide comprehensive legal advice, representation, and services to ensure that your agreement is fair and legally binding. Contact us today for a consultation. Let us help you navigate the prenuptial process and protect yourself and your loved one from any financial hardships if the marriage should end in divorce.
Frequently Asked Questions Do I Need a Lawyer to Draft a Prenuptial Agreement?
Yes. It is important to have an experienced lawyer review and approve the prenuptial agreement. They will be able to ensure that the agreement is fair and legally binding, both parties understand their rights and obligations under the document, relevant laws are taken into consideration, and your interests are fully protected.
Can I Represent Myself in a Prenuptial Agreement?
No. It is always best to seek the services of an experienced prenuptial agreement lawyer who understands the complexities of prenuptial agreements in Ohio. This way, you can create an agreement that meets your needs and protects both you and your loved one from any financial hardship if the marriage should end in divorce.
