The Basics of Prenuptial Agreements

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Statistics say that, in 2020, nearly half of all marriages ended in divorce, and while this is a fact that most people don't want to think about when they're planning their weddings, the fact is, having legal documents in place before you say "I do" can save you both headaches in the future. Financial experts recommend couples create a prenuptial agreement - also called a prenup - before walking down the aisle.

A prenup is a legally enforceable contract entered into by two people before they are legally married, and it lists each person's assets, liabilities, and debts, and to whom each of these belong before marriage, and what happens to these if the couple divorces.

Prenuptial agreements typically cost anywhere from $1,000 to $10,000. The price varies widely due to the number of assets and debts, the complexity of the agreement due to assets and debts, and where the couple resides, as laws vary state-to-state.

A prenuptial agreement acts as financial protection for you pre-marital assets, children, and families, as it predetermines what happens in a divorce. The agreement can detail complex situations such as student debt incurred for a profession that supports both spouses; in this scenario, should the debt also be shared? Assets and debts incurred during the marriage can also be outlined. While these are typically shared by both spouses, the agreement can specify certain assets or debts that will be kept separate; an example could be spouse who starts a business with their own capital from before the marriage - the business profits or debts can be kept separate from the marital assets and liabilities.

The prenup can also detail how debt will be allocated during a divorce, which can streamline the proceedings. Additionally, the prenup can determine how children from a previous relationship will be cared for in the event of divorce, including inheritances. If a spouse shares business dealings with extended family, these assets can also be included in the prenup to ensure that these properties stay with the family.

A prenup can also detail responsibilities within the marriage, such as who pays for specific expenses, who maintains and monitors bank accounts and investments, whether both spouses must be a party to any agreements or contracts entered into during the marriage, and who is responsible for tax returns.

Ultimately, getting a prenuptial agreement isn't necessary, but, if the worst should happen, it can save you time, effort, money, and stress in divorce court. The dissolution of a marriage without the arguments over assets, debt, the care of minor children, inheritances, and more can protect you from additional tension during an already stressful situation. Your attorney through our Legal Protection Subscription Plans for Individuals and Families can give you advice about any prenuptial agreements you might require, and all for no additional fee. Don't let the courts decide what's best for you. Sign up today!

Tips for Successful Co-Parenting

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A main concern for divorced or separated parents is creating a co-parenting schedule that works year 'round, through school schedules, breaks in the school year, special events, holidays, birthdays, vacations, and more. A good co-parenting schedule can alleviate the stress and tension of navigating schedules with careful planning and organizing, as well as some compromise along the way. If you need help creating a co-parenting schedule that works for you and your child's other parent as well as your children, our network of dedicated, experienced family law attorneys can help you prepare for meetings to create a co-parenting schedule that protects your rights, outlines responsibilities of all involved, and helps you plan and organize a co-parenting plan. Learn more about all the benefits of becoming a member of our Legal Protection Plans for Individuals and Families, and read on for some tips for creating a co-parenting plan that will work for you.

Communication Is Key

Working together with your child's other parent will be crucial to creating a co-parenting plan that works for everyone. Start the discussions about co-parenting early in the process, making lists of important yearly dates for each of you, vacation times if you know them, how to handle school breaks, and more. Consider creating a shared calendar where events and other important happenings can be noted, as well as any other important scheduling (such as school drop off and pick up).

Respect & Compassion

Agreeing not to speak poorly of the other parent and show respect - especially in front of your children - is extremely important to co-parenting your child. Be willing to compromise, show compassion, and be understanding when things don't go as planned. Every decision you make around your child will impact them.

Be Willing To Revisit The Co-Parenting Plan

Situations change and kids grow up, and, as those things happen - and they will! - be willing to come back to the negotiating table and make changes to the co-parenting plan that will make everyone's lives easier. Be willing to adapt to your child's changing schedules, extra curricular activities, interests, and hobbies, as well.

Calendars Are Important Tools

Technology allows us to now have digital calendars that can be shared and edited by anyone in the group, and these are a great way to keep everyone in the loop regarding plans. Making a hard copy to keep in each home isn't a bad idea, either, particularly if you or your family isn't tech savvy.

Agree On House Rules

Children need consistency, and one of the most important areas where things need to be consistent is house rules. These rules can run the gamut from when it is appropriate to watch TV or browse the Internet, time limits on video games and related activities, how and when homework needs to be done, and more. Being lenient with the rules can cause stress in the children and be problematic in both households, as one parent may be seen as "more strict" than the other if the rules aren't enforced consistently in both homes.

Big Picture

In the end, the most important thing is to make your time with your children as stress-free as possible so that you can make treasured memories with your children while you're together instead of focusing on annoyances, slights, or irritations from the other parent, which only causes resentment and isn't productive. Try to make your time with your child about spending time with them first and foremost; the time goes by too quickly!

If you need advice or assistance with creating a co-parenting plan, custody issues, visitation, or child support, the family law attorneys in our network of law firms across the US and Canada can help! Getting advice from a legal professional whenever you're dealing with issues surrounding your children is of the utmost importance, and you can get advice tailored to your specific situation for no additional fee when you become a member of our Legal protection Plans for Individuals & Families.

Going Through A Divorce? Seven Things To Remember

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Divorce rates have skyrocketed since the start of the pandemic, up 34% from years prior. Divorce is never easy, but getting the right advice for your specific situation can make the process a little less stressful. Members of our Legal Subscription Plans for Individuals & Families can get advice about divorce and separation and all other areas of family law included with their monthly subscription fee. Learn more about this fantastic benefit and read on for a few divorce tips.

Put The Children First

If you have minor children, all divorce decisions should be made with the best interests of the children first and foremost. Prioritize the needs of the children and be ready to compromise for their benefit wherever possible.

Know What You're Willing To Give Up & What You Want

Deciding what you need and want is one of the most important things to do when preparing to go through the process of divorce. Make a list of what you need to have, what you want to have, and what you'd be willing to give up and where you have room to compromise so that you will have a list when it is time for negotiations.

Uncontested Divorce Requires Working Together

Mediation can make the entire process of divorce as smooth as possible. In mediation, you and your spouse will work together to agree to terms of the split, including child support and custody, visitation, division of property, alimony, and more. Instead of communicating through representatives (like attorneys), you can talk directly to each other in a controlled environment to lessen stress and strife, lower the risk of miscommunication.

Collaborative Divorce As An Option

A collaborative divorce provides more protection than mediation but is still a cooperative effort between the divorcing parties. A collaborative divorce allows for attorneys to be present but the attorneys promise to work to amicable resolve all areas of disagreement.

Counseling

You don't have to carry the burden of a stressful divorce alone, and therapists can provide substantial benefits through a trying time. When your mental health is in the right place, you can make better, less emotional, decisions for yourself and for any children you might have.

Financial Records

One of the major areas of scrutiny in a divorce is finances, so it will be important to have your financial records and assets in order before you begin. Gather documents, such as tax returns, credit scores, debts, assets, recent bank statements, investments, and other financial records.

Get Legal Counsel

Getting a divorce should never be a DIY proposition, particularly if you have assets and/or children. Mistakes can be very costly and the law is complex. This is an area where you won't want to take a chance that everything will just work out. Hire an attorney who is well-versed in family law in your state, who knows the ins and outs of the legal system where you live, and who can advise you of your rights and responsibilities under the law every step of the way.

Members of our Legal Subscription Protection Plans can get comprehensive legal support through a divorce at no additional charge. Get the legal guidance you need without breaking the bank by signing up for our Legal Protection Plans today. Learn more about all the benefits for Individuals & Families or Sign Up Now!