Tales of prenuptial agreements flood the tabloids every time a celebrity couple weds. Hence, you may be under the impression that prenuptial agreements are solely for the rich and famous. However, this is an incorrect assumption. Prenuptial agreements can be a solid investment in your future by protecting the assets you hold dearest in the event of a divorce. You do not need to have many assets to enter into a prenuptial agreement nor do you need to have a high salary. The only thing you need is a future spouse and good Oklahoma alimony information.
The main fear driving couples to enter into prenuptial agreements is the threat of alimony. Alimony is spousal support ordered by the court in a divorce. When a couple marries, they build a certain lifestyle together. Wealthier couples have the discretionary income to build lavish lifestyles together. As part of this lifestyle, both spouses enjoy a certain standard of living. The principle behind spousal support is that the spouses should be able to enjoy this standard of living even after divorce. For many married couples, the spouses do not have equal incomes. Often, one spouse relies more heavily upon the other for supporting the household and covering expenses. Following a divorce, this one spouse will experience a drop in standard of living without that additional support. Spousal support seeks to right this scenario by providing assistance to this spouse.
Oklahoma Alimony Information Regarding When It’s Ordered:
1. The lower income spouse has a physical or mentally disability and cannot work
2. The lower income spouse worked full-time and covered all living expenses while the now higher income spouse was in school
3. The lower income spouse does not work
Alimony is not child support. In contrast, alimony goes directly for the spouse. Thus, a court may order both alimony and child support. Oklahoma courts require that, if possible, the recipient of spousal support try to find a job to terminate the need for spousal support. If the recipient can prove he or she cannot work, then the court may require permanent spousal support.
Alimony is payable on a weekly, monthly, yearly or one-time basis. However, it can be modified over the future based on changes in income or other circumstances. Support can be set to decrease in the future. In addition, alimony is open to termination at any time by the judge.
Prenuptial Agreements and Alimony:
A prenuptial agreement is an agreement that a couple signs prior to marrying, hence the name ‘prenuptial.’ A prenuptial agreement commonly spells out any terms regarding alimony in the event of a divorce. Common alimony provisions in prenuptial agreements include:
1. No alimony whatsoever awards to either spouse in the event of divorce
2. A one-time payment of alimony, exact amount specified in the agreement, will be paid by the higher earning spouse in the event of divorce
3.The lower earning spouse will only be eligible for alimony if he or she remains in the marriage for a minimum amount of time as specified in the agreement
4. The lower earning spouse will be eligible for alimony only if he or she has a child with the higher earning spouse
5. In lieu of cash alimony, the lower earning spouse receives as award specific non-marital property
6. The lower earning spouse will also receive a specified percentage of the higher earning spouse’s wages
7. The lower earning spouse will receive set monthly payments for alimony
A prenuptial agreement is wise because it removes the issue of litigating over spousal support at the time of divorce. Further, a prenuptial agreement binds and the court enforces it as part of the divorce. Most couples memorialize their prenuptial agreements as part of the marriage or will file the agreement with their divorce petition. If you have valuable assets or a high income or if you expect to have increased income in the future, a prenuptial agreement drafted and reviewed by an experienced family law attorney can assist you with protecting your assets from your spouse.
Free Consultation Oklahoma Alimony Information:
If you’re facing a divorce and wondering about alimony we can help. Our divorce and Family law attorneys will provide you with Oklahoma alimony information that helps you make informed decisions. We’ve helped Oklahoma families resolve alimony and child custody issues for over a decade. Call and get a free consultation.
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