While weddings are largely seen as romantic events, it is also important to understand the financial side of marriage. Ideally, those getting married in Alabama or any other state will discuss financial and other important matters before the wedding takes place. With a prenuptial agreement, a married couple gains more control over how their assets and liabilities are divided in the event that the marriage doesn’t work out. Absent a prenuptial agreement, a judge could decide how assets and liabilities are divided.
Couples are encouraged to draw up the prenuptial agreement as far in advance as possible. In some cases, it may be a good idea to discuss the framework for such an arrangement before getting engaged. At a minimum, discussing the possibility of such an agreement allows each person to discuss how they will approach financial issues while married.
Prenuptial agreements may allow each party to the marriage to keep their finances confidential from other family members. In other words, an individual could stipulate that his or her spouse isn’t allowed to tell others how much he or she makes or what the household is worth. Having a custom marriage contract can be ideal for business owners as it can stipulate that the some or all of the company is to be treated as separate property.
Individuals who are in the process of getting a divorce may want to consider hiring an attorney to help with their cases. An attorney might be able to review the terms of a prenuptial agreement to determine if the pact is valid. If it is not, it may be necessary to go through divorce settlement talks or ask a judge to make a ruling. If it is, its terms will largely determine how the divorce settlement is structured.