It is a sad fact that a significant number of American marriages end in divorce. And, of course, this idea leads many couples to consider a prenuptial agreement. Essentially, a prenuptial agreement is a legal contract that will control what happens with certain assets if divorce or separation becomes necessary. It offers important advantages but also has some potential drawbacks. If you are considering entering into a prenuptial agreement in Oklahoma, you should speak to an experienced Tulsa family law attorney for legal advice.
The Advantages of a Prenuptial Agreement
- Protection of property: A prenuptial agreement can do a lot to protect individual property. The agreement allows couples to clearly identify which property will be individual and which will be marital. This can be particularly advantageous for couples who are bringing significant assets into a marriage. There are also some individual circumstances where asset protection might be desirable. For example, if one partner owns a professional practice, they may wish to clearly delineate that as individual property when entering into the marriage.
- Inheritance for your children: While prenuptial agreements are best known for their ability to protect assets, they can also be used as an effective estate planning tool. If you have assets that you wish to be passed on to your children, instead of your spouse, a prenuptial agreement can help ensure that your assets go where you want them. This issue most frequently arises when children from a previous relationship are brought into a new marriage.
A Potential drawback of a Prenuptial Agreement
- Impact on your relationship: Signing a prenuptial agreement can sometimes have a negative impact on a relationship. It is important to consider the emotional impact of the agreement. Ultimately, a prenuptial agreement is a simply legal contract. But, clearly, the concept is not classically romantic. For some couples, it it might signal lack of commitment or bring up other negative feelings. For other couples, this will not be an issue. You should always consider the impact a prenuptial agreement might have on your own relationship.
Contact An Experienced Tulsa Family Law Attorney
Prenuptial agreements are sensible for some Oklahoma couples. If you are entering into a prenuptial agreement, you need to remember that it is an enforceable legal contract. You should always have an attorney carefully draft such an agreement, and have your own attorney review it to ensure that your interests are adequately protected. If you have any questions about prenuptial agreements, please call Tulsa family law attorney Blake Hayes at (918) 392-4641 or contact the Hayes Law Firm online.