How does HelloPrenup handle property classification and customization of prenup agreements?
HelloPrenup empowers couples to manage and customize their prenuptial agreements effectively, particularly in the area of property classification. Below is a comprehensive guide to understanding how the platform supports these tasks and facilitates the creation of a legally sound agreement.
Overview of HelloPrenup’s Property Classification Section
The platform allows users to classify premarital assets and debts, as well as assets or debts acquired during the marriage as either Separate or defaulted to state law. Specific classifications such as keeping personal and business assets separate are possible. This means the assets marked as separate are not to be divided in a divorce, unless stated otherwise. These capabilities ensure transparency and mutual understanding between partners during and after the marriage.
What does "Default to state law mean?"
This option effectively states that a court of law at a time of divorce will determine the classification of the asset. Each state has it's own laws as to what that would look like. For example, in community property states, generally, property acquired during marriage is automatically classified as community property and divided 50/50. So, effectively, if you chose "Default to state law" in one of those states where that is the law, then that specific asset would be classified as community property and divided 50/50.
Customization Options for Property and Income Classification
HelloPrenup provides a user-friendly interface with customizable options. Users can stipulate that specific assets remain individually owned, such as IP or businesses. This flexibility caters to the unique needs of every couple and enables a tailored approach to financial management in the marriage.
Role of Attorneys in Finalizing Agreements
After completing the online questionnaire and generating the initial prenup agreement on HelloPrenup, attorneys (if hired) are able to edit this document through the tool we call "the Editor." The generated document provides the foundation for further customizations by the attorney, if desired. While self-editing is technically legally permitted, the edited document still must be signed and notarized. HelloPrenup does not allow users to "self-edit" on the platform. They must hire an attoney or take the agreement off the platform. In addition, we do not recommend making changes without the assistance of an attorney.
Note that self-edited documents cannot be uploaded back into the HelloPrenup platform for online notarization.
For more details or to begin drafting your own prenuptial agreement, visit HelloPrenup’s platform and explore the comprehensive features.