Do you really need a prenuptial agreement? Recent headlines on the divorces of billionaires Jeff and MacKenzie Bezos and Bill and Melinda Gates caught the public by surprise and took over the news and social media headlines for weeks for one major reason: neither couple had a prenup. But if 2 of the world's wealthiest and well-known women with unlimited legal resources didn't have a prenup - do you need one?
When the Bezoses announced their divorce in January 2019 after 25 years of marriage and four children, they were worth $137 billion - and did not have a prenuptial agreement. They finalized their divorce just 4 months later, and MacKenzie Bezos became the third-richest woman in the world. She has since remarried and is legally known as MacKenzie Scott, and has donated $1.7 billion to 119 nonprofit organizations.
With an estimated net worth of over $130 billion and a marriage lasting nearly 27 years with 3 children, dividing their assets, debts and interests is complicated and could be messy. Even more, the Gateses did not have a prenuptial agreement that outlined how their assets would be divided if the marriage ended. Instead, the couple quietly negotiated a separation agreement, also called a postnuptial agreement, rather than going to court to negotiate their divorce. Reports indicated Melinda Gates has been meeting with divorce lawyers since 2019 - more than 2 years before she filed for divorce. With her wealth and resources, she had the time and money to invest in negotiating a divorce settlement and to end the marriage her way, on her terms.
Your net worth may not match the Bezos or Gates, but that may be even more reason why married couples in Georgia should protect themselves with a prenuptial agreement.
In Georgia, you and your future spouse can make a contract outlining rights to child custody, spousal support, and even division of assets in case you divorce. This is commonly known as a prenuptial agreement. Couples enter into a prenup to prevent or simplify the division of assets in the event their marriage ends in divorce. A prenuptial agreement is a fair agreement that couples can enter before marriage. It is designed to straighten out financial matters and address the division of marital assets and other issues in case a couple decides to divorce.
Most people do not have the emotional or financial resources to hire a divorce team for nearly 3 years to negotiate the end of their marriage. However, in most divorces, couples do need legal assistance to reach an agreement on the division of assets, child custody, and other divorce issues. A prenuptial agreement provides each spouse with protection in the event their marriage ends. Here are three key benefits of negotiating a prenuptial agreement before you get married.
1. Less Stress
Prenuptial agreements offer freedom from stress and anxiety, particularly if it is a second marriage for you or your spouse, or if you own significant assets. Before the wedding, you can agree on key issues including financial support, division of assets and debt. If you decide to divorce, you already know the terms that were negotiated in your prenup.
2. Less Expense
If drafted correctly, a prenuptial agreement makes divorce less expensive because the key terms of a divorce have already been negotiated, and the costs such as divorce lawyers, court costs and financial advisors will be lower. A prenup can include many divorce-related issues including:
3. Less Time
A divorce with a valid prenuptial agreement typically makes it possible to end a marriage in less time because the key terms of a divorce were already agreed on before the marriage. This allows both people to find closure and move forward more quickly versus a protracted, expensive, messy and often public court battle.
No one gets married with a plan to divorce. But the reality is, 50% of marriages do end in divorce. Including a prenup in your wedding planning ensures that both people are going into the marriage with a full understanding of and open communication about the goals of the marriage.
A Georgia family law attorney can help a couple negotiate a prenuptial agreement before their marriage. A lawyer can help the couple have an open discussion about each of their goals for their marriage, and the financial consequences of the marriage ending. By hiring a family law attorney to negotiate your prenup, a couple can ensure that the prenuptial agreement is enforceable and complies with Georgia law:
Learn More: How a Prenuptial Agreement Can Protect Your Marriage
Some couples enter their marriage without a prenuptial agreement. If you are married and do not have a prenup, you can enter into a postnuptial agreement. A postnuptial agreement is simply a prenuptial agreement negotiated after the marriage takes place. Both a prenup and a postnup agreement are valid and helpful.
Prenuptial and postnuptial agreements should be carefully drafted and must include full disclosure of each party’s financial condition. A Gwinnett County prenuptial agreement attorney can help you draw a prenup or postnup and make sure that it is executed correctly and legally. Contact Attorney Sharon Jackson today at (678) 436-3636 to help you draft your Georgia prenup agreement or postnup agreement.
Attorney Sharon Jackson LLC
175 Langley Drive, Suite A1
Lawrenceville, GA 30046
Phone: (678) 909-4100
