Most of us have life insurance, auto insurance, home owners insurance, etc. for protection in case of accident, despite the odds of ever using the insurance are statistically very low. With divorce rates above 50% for first time marriages and 70% for second marriages, why wouldn’t “marriage insurance” be a top priority?
Today we’re talking Premarital Agreements in Utah. While a lot of people consider prenups a buzz kill, in reality, with the astounding divorce rate, prenups are actually a form of protection and what we like to call marriage insurance.
The benefits of a premarital agreement in Utah are not only that you can amicably sit down and identify how you will divide property, you can actually trump Utah law and head into the marriage outlining what you both agree will remain separate property, how you’ll handle joint marital property, etc. There are countless possibilities to customize and it doesn’t have to be a stressful, unromantic piece of the event. It’s an opportunity to form an agreement about what your marital estate will look like and what should happen to the estate in the event your marriage ends.
In order to have an effective prenuptial or premarital agreement in Utah, each party needs to first fully disclose all assets, debts, investments, etc. at the time of marriage. Then you discuss and come to an agreement on how you would handle a potential split down the road. From that agreement, a document is drafted which outlines how everything will be treated, both parties sign and the premarital agreement becomes effective upon date of marriage.
We do want to point out that while you can negotiate many terms including potential need for spousal support or alimony, you are not allowed to include any terms relating to children, specifically child support and or child custody.
Another important caution is you are actually committing to paper an agreement that is oftentimes in contravention to the governing laws that would dictate how your divorce goes, so we strongly urge each of you to seek independent counsel for advice and help drafting the document.
Join JR Law Group each Friday as we feature a new video covering different aspects of Divorce and Family Law. Topics range from initial divorce proceedings, to child support and child custody, marital estate and asset distribution, alimony, adoption and more.
JR Law Group is a Salt Lake City and Park City Utah based firm specializing in Divorce and Family Law. To schedule a consultation or find out more, please contact us: (385) 770-7451
Disclaimer – This video is intended for informational purposes only. Nothing in this video is to be considered as either creating an attorney-client relationship between the viewer and JR Law Group or as rendering of legal advice for any specific matter. Viewers are responsible for obtaining such advice from their own legal counsel. No viewer should act or refrain from acting on the basis of any information contained in the video or on JR Law Group’s Website without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue.