Premarital Agreements and Domestic partnership Agreements
What is a premarital agreement?
A premarital agreement (or prenuptial agreement as it is called in some states) is an agreement between prospective spouses about how they will own their property during marriage and how they will divide that property should the marriage end.
What is a Pre-Registration agreement?
A pre-registration, or domestic partnership agreement is simply a premarital agreement for domestic partners.
Why sign a premarital agreement?
Premarital agreements strengthen marriages. Many marriages end over disagreements about money. The process of creating a premarital agreement acts as a vehicle for you and your fiance to share your expectations about finances. Whether you end up signing the agreement or not, the process of discussing the agreement communicates the ground rules about money. This way you each know what to expect before you get married.
Premarital agreements also save litigation costs and emotional anguish. Some marriages end in divorce. As anyone who has been through a divorce will tell you, without a prenuptial agreement, the end of a marriage can be a litigation nightmare for everyone involved, including children. The same holds true for dissolution of domestic partnerships.
An effective premarital agreement or DPA will provide you with greater certainty as to how property and debts will be divided should the marriage come to an end. This can greatly reduce your litigation costs and time in court. The time spent drafting a premarital agreement is nothing compared to the trouble involved with litigation if you don’t have one.
You should at least speak with an attorney about the value of a premarital agreement in their relationship. It may not be necessary, but it's best to know for certain.
