Elopement is a popular choice for couples who want to tie the knot in a quick, simple, and affordable way. However, before you head to the courthouse or run off to Las Vegas, it`s essential to have a legal agreement in place to protect yourselves and your assets. This legal agreement is commonly known as an elope agreement.
What is an Elope Agreement?
An elope agreement is a legal document that outlines the terms and conditions of your elopement. It`s similar to a prenuptial agreement but tailored specifically to eloping couples. The agreement must be signed by both parties and notarized to be legally binding.
Why Do You Need an Elope Agreement?
An elope agreement is essential because it protects your interests, your future spouse`s interests, and your assets. Many couples who elope do so because they don`t want to spend a lot of money on a traditional wedding. However, without a legal agreement, you may be putting yourself at risk.
For instance, if one of you has significant debt, and you don`t have an elope agreement, your assets could be at risk if your new spouse is sued or encounters financial difficulties. In addition, an elope agreement can help prevent disputes over assets like property, stocks, bonds, or other investments should the marriage end in divorce.
What Should be Included in an Elope Agreement?
An elope agreement should include provisions for the following:
1. Division of Assets: This is the most crucial part of the agreement. It outlines how the assets and debts will be divided if the marriage ends in divorce or separation.
2. Spousal Support: This provision outlines whether spousal support will be paid by one spouse to the other in the event of divorce or separation.
3. Inheritance: The agreement should also specify how assets will be distributed in the event of one spouse`s death.
4. Child Support: If there are children from previous relationships, the agreement should specify who will be responsible for child support.
5. Debts: This provision outlines how debts will be divided in the event of divorce or separation.
6. Arbitration: The agreement should also specify how disputes will be resolved in the event of a dispute.
Conclusion
If you`re planning to elope, it`s essential to have an elope agreement in place. A well-written agreement can help prevent disputes over assets, debts, and spousal support and provide clarity on how to handle unexpected events. Contact a family law attorney experienced in handling elopement agreements if you need help creating one.