As an important legal document, a prenuptial agreement or “prenup” can offer significant protection to parties entering into marriage.
If you’re engaged to be married, you may be wondering, “How much can a prenup protect you?” The answer largely depends on the nature and extent of the assets involved, as well as the specific laws in your jurisdiction – and how well your prenup is written to comply with those laws.
Let’s take a closer look at what prenups can and cannot protect you from.
What Can a Prenup Protect in Georgia?
In Georgia, a prenup can safeguard various forms of property including personal belongings, real estate, and business interests.
It can also determine the division of assets upon divorce or death.
However, it cannot decide issues related to child custody or support.
If you are looking to get a prenup in Georgia, we always recommend contacting a local family law attorney to draft one for you.
Your spouse-to-be will also need their own, independent legal counsel to look over the agreement, in order to make sure that party knows exactly what they are signing before they sign it.
Can a Prenup Protect Future Inheritance?
Yes, a prenup can protect future inheritance.
This means that if one spouse is expected to receive a significant inheritance during the marriage, they can stipulate in the prenup that these funds will remain their separate property in the event of a divorce.
However, it must be clearly stated in the prenup what will be covered and whose property it is.
Can Prenup Protect Future Earnings?
A prenup can also protect future earnings, especially in the case of high-income individuals or those expecting a substantial increase in income.
By specifying this in the prenup, one can ensure that future income remains separate and not subject to division during a divorce.
Can a Prenup Protect You from Spouse’s Debt?
Yes, a prenup can protect you from your spouse’s debt.
If your spouse incurs significant debts before or during the marriage, a prenup can stipulate that you are not responsible for these debts should the marriage end.
For instance, if one party owns a business, the prenup could specify that the business is not marital property and thus not subject to division upon divorce.
Similarly, if one party is expected to inherit substantial wealth, the prenup could specify that this inheritance remains the separate property of that party.
How to Get a Prenup
Getting a prenup involves a legal process. Both parties must fully disclose their financial situation, negotiate terms, and have the document reviewed by independent attorneys.
It’s recommended to start this process well in advance of the wedding to avoid any rush or pressure.
Can a Prenup be Voided?
A prenup can be voided under certain circumstances, such as if it was signed under duress, if there was not full disclosure of assets, or if the agreement is unconscionable (extremely unfair).
What Happens if You Sign a Prenup and Get Divorced?
If you sign a prenup and get divorced, the prenup will generally dictate how assets and debts are divided.
However, it’s important to remember that a prenup cannot override state laws regarding child support or custody.
A prenuptial agreement can offer substantial protection of your assets, future earnings, and protect you from your spouse’s debts.
However, it’s important to consult with a skilled attorney who can guide you through the process and ensure your interests are adequately protected.