Georgia residents who are planning on getting married might consider adding a prenup to their list of things to do before the wedding. While the common misconception is that prenups are for rich people only, the reality is that these documents can work for all types of couples and provide a sense of security.
Prenups, which are drafted and signed before a marriage takes place, list all the properties and assets of each prospective spouse. Furthermore, prenups indicate how these assets will be dealt with or divided if the couple is separated by divorce or widowhood. They are a tool for preventing misunderstandings and conflicts later on. For prenups to be successful, both spouses need to participate in the drafting process. Once the prenup is drafted, the prospective spouses should each show their lawyers the draft for review to make sure the prenup is legal and fair.
Prenups can serve a variety of purposes. For example, they can be used to protect both individual property and any assets such as a business that a prospective spouse might own jointly with someone else. If the spouses are coming to the marriage already owing money, a prenup could protect one spouse for being responsible for the other’s debt. For couples that already have children from previous relationships, prenups can be used to stipulate how property will be divided if a spouse dies. They can even be used to show how property will be divided between the spouses if they divorce.
A family law lawyer can also assist and guide a prospective spouse through the process of drafting the prenup. The lawyer could explain how the state laws work and help the client create a balanced, fair document.