A Premarital or Prenuptial Agreement is a contract that limits the potential scope of a divorce. No couple planning to get married wants to think about the possibility of the marriage failing. However, the divorce rate is over 50% and a Premarital Agreement can protect both parties as they prepare to marry.
In drafting a Premarital Agreement, Barbara recommends that both parties should be represented by their own attorneys, so that both parties are both fully informed of the potential benefits and potential detrimental effects of the agreement. The parties can agree on a wide range of issues, including whether to share certain assets and/or future income. Premarital Agreements are not just for those with a substantial amount of money or property; anyone can use a Premarital Agreement to protect any property, income, or interest that they have or may have an interest in at some point in the future. A Premarital Agreement can include certain disbursements of property throughout the marriage, but the primary benefit of such an agreement is the protection it provides both parties in the event of divorce or death.