Why Have a Prenuptial Agreement in Hawaii
April 6, 2023 | Sage Capone
You just got engaged to the love of your life. Why bring up the conversation of a prenup? Well, more and more young professionals find it to be the safe and right way to start a cohesive lifetime together.
There are several reasons why a prenup can work in every financial background. It is designed to layout each spouses’ finances and properties in an agreement. It affords the couple the opportunity to decide how to distribute properties and finances rather than the state laws enforcing it. A prenuptial agreement should be signed and notarized under the Hawaii Uniform Premarital Agreement. It’s important to note that this agreement will not go into effect until the two parties are married. A basic rule of thumb is a prenup should be full and fair disclosure, have independent counsel and ample lead time before a wedding. This one important agreement will help the couple navigate their future in a worst-case scenario. Here are the most common guidelines listed in a prenup.
- Protecting Property – this is to ensure someone’s ownership to their premarital properties or properties acquired after marriage or divorce.
- Protecting Gift or Inheritance Property – this protects a person’s family property/properties from the new spouse or in-laws.
- Debt and Gains – how to deal with debt prior to marriage and gains after marriage.
- Alimony – Specifying or limiting the amount financial distribution that will be allowed upon a divorce.
- Businesses – to set boundaries and guidelines should a couple divorce and what responsibilities should be executed.
Most times couples are inclined to draft their own agreement. But due to the importance this type of agreement, it should be written by an experienced Hawaii Attorney. A prenuptial agreement is an investment that can eliminate thousands of dollars in the future and offer you peace of mind as you begin your new life with your partner.