What is a prenuptial agreement? – Patterson Bray PLLC

Transcript:
00:03
a prenuptial agreement in Tennessee is a contract between two parties that are intending to get married that divides their assets and liabilities and other marital obligations to one another in the event of death or divorce and what I mean by that is when you get married in Tennessee you have

00:26
certain marital rights by law that are set by the legislature set by what we call statute and those marital rights include a number of things like a homestead exemption as well as an elective share of the other spouse’s estate and when you meet with an estate planning lawyer at Patterson Bray we can

00:44
explain to you all of those marital rights that you have and lay out how your will can or will not affect those marital rights and a lot of folks spend a lot of money on lawyers fighting over how their assets should be divided and so for some folks they want to make

01:02
their lives more simple if they get divorced it’s not because they intend to get divorced at some point in the future a lot of parties sign a prenup because they love this other person and they want to have a plan in place to make their lives more simple and black and

01:18
white and less gray and less clear so that if something does happen to their marriage they already have a plan in place that they both know and understand and they’re in control of their assets and liabilities not a judge not the legislature and it sets out in black and

01:35
white what’s going to happen in the event of death or divorce and lets the parties make those choices going forward

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