Do You Need A Prenuptial Agreement?
A prenuptial agreement can provide a sense of security for a couple before they formalize their marriage. In order to create a valid and enforceable agreement, it is necessary to examine both parties’ finances. This examination can help both parties understand their finances and properly set expectations for a division of assets in the event of a divorce.
You should always consult an attorney prior to signing a prenuptial agreement. At Thelen & Associates, LLC, we can help with any aspect of it.
Understanding Types Of Property Classification In Wisconsin
Division of property in Wisconsin is premised on a 50-50 split of assets and debts. A prenuptial agreement can reclassify that property per your agreements.
A prenuptial agreement can help clarify the property the couple wants to keep separate. It can help keep it separate during and after the marriage. A prenuptial agreement can protect the property rights of children from a prior marriage.
In Wisconsin, property classification can be outlined in prenuptial agreements. This allows couples to decide how to divide property in the event of a divorce. Wisconsin law considers all property acquired during the marriage as marital property unless otherwise specified by a legal contract like a prenuptial agreement.
A prenuptial agreement can classify assets as separate, individual or marital property. Ensuring financial clarity, the protection of individual assets and a smoother property division process. Consulting with an experienced attorney is essential to draft a legally-binding agreement that protects your interests.
Types of Property Classifications:
Separate property: Separate property refers to assets owned by one spouse before the marriage. One common example is inheritance. Couples often choose to classify specific assets as separate property to protect them from division during a divorce. For example, a sentimental family heirloom or a business established before the marriage may be designated as separate property in a prenuptial agreement.
Individual property: Individual property can also be defined in a prenuptial agreement and it often overlaps with separate property. It may include income from separate property or investments made before marriage. Clearly defining individual property can help facilitate financial security and reduce potential property division disputes.
Marital property: Wisconsin’s laws treat most assets acquired during the marriage as jointly owned. However, couples can redefine certain assets in a marital agreement. This approach can simplify financial disclosure and clarify shared responsibilities, facilitating fair distribution upon divorce.
Taking steps to classify property in a prenuptial agreement promotes transparency and fairness while minimizing potential legal challenges. It also helps married couples protect their assets, establish clear financial boundaries and support long-term financial planning. A skilled lawyer can guide you through the process, resulting in an agreement tailored to your needs.
Understanding these classifications is crucial for protecting your interests. Whether you are preparing for marriage or need assistance with a prenuptial agreement or other family law matters, the team at Thelen & Associates, LLC, is here to assist you.
Postnuptial Agreement
A postnuptial agreement is a similar agreement, but it is created during a marriage. It is subject to the same constraints as a prenuptial agreement.
Advice Of Counsel
When you are considering a prenuptial agreement prior to marriage, you should have independent counsel. By having your lawyer review the agreement, you can protect yourself from future litigation that can otherwise happen when an agreement is not valid or a spouse says they did not understand what they were signing at the time.
Timing Of Agreement And Duress
Because of the significant property rights that can be affected by a prenuptial agreement, it is important that these issues not be raised at the eleventh hour before the wedding. A prenup agreement that was signed on the eve before the wedding with one spouse lacking advice of counsel is highly vulnerable to challenge in court later on.
Contact Our Firm
We can help you understand how these agreements function in Wisconsin and protect your rights in the event that you pursue divorce in the future. Call our Waukesha office at 262-200-8002 or use our online form to request an appointment with an experienced prenuptial agreement lawyer.