A prenuptial agreement is a legal way to agree on how property and assets will be divided in the event of a divorce. Traditionally, prenuptials were directed towards breadwinners or high-asset couples who did not want to risk losing investments and property during a divorce. While prenuptials are common among the 1%, more and more couples, and individuals without significant property are considering prenuptials to protect their rights in the event of a divorce. Stay-at-home moms and other dependent spouses can also benefit from a prenuptial agreement.
Stay-at-home moms who have given up career or forgone education to raise children should consider the benefits of a prenuptial agreement. Our Birmingham divorce attorneysknow that our clients come from all walks of life and have unique interests and needs. We will take the time to review your case, identify your objectives, and help to protect your rights through a prenuptial or postnuptial agreement. Our attorneys are abreast of developments in divorce law and work to keep our clients ahead of the curve.
At the time of divorce, a husband might say that it was the mother's idea to give up work to have children. They may also suggest that a woman can make the same amount after divorce as she made before she had children. For many stay-at-home mothers who try to regain financial footing after a divorce, the hardship can be unmanageable. Educated women who stay home to raise children lose approximately $1 million in earnings over a lifetime. Couples should make an agreement that compensates stay-at-home mothers who forfeit their high-earning years to raise children.
A prenuptial agreement allows you and your spouse to make determinations about the division of your assets should you make the decision to divorce. It can be critical for individuals with a significant amount of assets, investments or property; however it can also benefit housewives who have given up their careers to take care of children. Establishing a prenuptial agreement allows stay-at-home moms to protect their interest in the marital assets and to ensure that there is a court record to document agreements between the marriage. Remember that you may never be able to recoup the losses of being out of work for 10 years. Establishing a prenuptial agreement can give you the leverage you need in the event of divorce.
If you are considering a prenuptial agreement, keep in mind that there are strict legal requirements. You must have an independent advocate who can review the documents on your behalf. Prenuptial agreements must occur a certain statutory period before the wedding and demand full disclosure from both parties. Though no one wants to think about divorce before a wedding, signing a prenuptial in advance could save you from significant financial burdens in the future.
If you are already married, you can consider postnuptial agreements. Under a postnuptial agreement you can negotiate the terms of a separation or divorce before it happens. Postnuptial agreements were once uncommon but are a growing trend: 51 percent of divorce attorneys saw a rise in postnuptial agreements, according to a 2012 survey conducted by the American Academy of Matrimonial Lawyers.
If you are seeking a divorce in Birmingham, contact Family Law Attorney Steven Eversole at (866) 831-5292.