A prenuptial agreement is a document two parties create before they are married. This document outlines the handling of marital assets in the event a marriage fails. Many people are under the impression that a couple only creates a prenuptial agreement when they expect their marriage to fail, however, this couldn’t be further from the truth.
A prenuptial agreement has many benefits, including:
- Protect Either Party from Debt
Even if debt isn’t an immediate concern, it is wise to create a clause addressing how any future debts should be divided in the event of divorce. From mortgages to credit cards, couples can obtain large amounts of debt during their marriage. If not specified, arrears can be tied to a household rather than an individual person. This could cause unintended strife between you and your partner. For example, if you share a credit card with your future spouse and they end up using it more than you do, you could be held responsible for the payments incurred while you were married.
- Protect Your Business
If you worked hard to build your personal business prior to your marriage, you may want to ensure it remains protected in the event of divorce. For example, if you don’t have a prenuptial agreement and end up divorcing, the court may consider the business community property.
By creating a stipulation in your prenup that the business belongs only to you, you’re ensuring you will maintain control of the business after the marriage has dissolved.
- Save Time & Money
It can be time consuming to put together a legally appropriate prenup. However, the effort you put in now could save you a vast amount of time, effort, and money down the line, should you end up in divorce court. Whether or not you have a prenup, you will need the guidance of a qualified property division attorney. However, the overall length of your divorce proceedings will be shorter than if you go to court without an agreement. This will end up saving you time and money.
- Set Marital Intentions
The discussion surrounding a prenup will often reach farther than just material matters. For example, prenups can outline what’s expected out of the marriage. For example, if the couple plans on having children (or currently shares children) a prenup can identify how each parent would like to continue to support them after divorce.
A Trusted Asset Division Attorney
Attorney Hershkowitz has over 25 years of sound and reliable experience dealing with divorce cases. Our attorney will work with you to create a solid prenuptial agreement.
Call our firm at (407) 753-4111 or contact us online for a case evaluation.