Deciding that you want a marriage contract doesn`t mean you don`t really love your partner or that you absolutely imagine a day when you want to leave them. Marriage contracts are nothing more than estate management instruments designed to protect you and your spouse, and therefore your family, in the event of divorce. For many couples, preparing a marriage contract is simply another part of the marriage planning process and is no more laborious than choosing a wedding venue or accounting for a starting home. Deciding whether or not a marriage contract is fair to you and your future spouse is a decision you need to make together. Each couple`s financial situation is unique and you should both talk openly about your current circumstances and how they may change after your marriage. A fundamental understanding of your state`s marriage laws is important, says Shaolaine Loving, a lawyer in Las Vegas. “You sign a legally binding document that could change your rights and duties during and after marriage,” she says. For example, co-ownership states treat ownership and commitments as common during a marriage, so couples want an agreement that separately designates each party`s assets and liabilities during the marriage. “Prenups can also influence how property is characterized or disposed of in the event of the death of a spouse, so it`s not just about your rights, but also about the rights of your heirs,” she adds. Luckily for Justin and Hailey, it`s not too late to get the benefits of a marriage contract.
According to state law, they can enter into a marriage contract that will be signed after the marriage.