Marriage is a special moment in anyone’s life. Showing the love and admiration two people have for each other in front of their family and friends is a wonderful. Sadly, divorce is the antithesis this. As many people know a divorce can drastically affect you financially. For people that can lose a lot in a potential divorce a prenuptial agreement is a way to ensure that your assets are protected. As with any legal document consulting a family law attorney, is always a good place to start to answer any questions you may have.
What’s mine is mine
A prenuptial agreement isn’t just to protect income assets but also to protect another spouse from a debt. For example, one spouse has substantial student debts. To keep the other spouse from become the target of creditors a prenuptial agreement can state that the debt belongs solely to the specified party. The main purpose of a prenuptial agreement is to differentiate between shared, often called community property, and individually owned property. This is largely in part to a state that is a community property state. In these states whatever property is purchased after the wedding belongs to both individuals automatically. A prenuptial agreement allows you to dictate how and what property is to be used in the divorce of the couple. Some of the items that can and should be put into a prenuptial agreement are:
- Separate business
- Retirement benefits
- Management of household bills and expenses
- Management of joint bank accounts, if any
- Arrangement regarding investing in certain purchases or projects, like a house or business
- Savings contributions
- Property distribution to the survivor, including life insurance, in the event of death
- Arranging putting one or the other through school
Remember that the purpose of a prenuptial agreement is to institute the financial and property privileges in the event of a divorce. As mentioned above this can used for any number of property or asset held prior to or during a marriage. However, a prenuptial agreement cannot be used for certain items. Such as anything detailing personal matters like outlining holiday celebration rituals or what church can be attended. For more information on what should not be included in a prenuptial agreement contact a local attorney such as a Peachtree City Family Law Attorney. They can help you outline exactly what can and cannot go into a prenuptial agreement or if one is recommend at all. A prenuptial agreement does not reflect a lack of faith or trust in a marriage but is to protect the personal assets, whether they have income potential or represent a substantial debt, from becoming entangled in a potential divorce. Divorces can be messy even at the best of times. Don’t risk potentially causing an already complicated matter from becoming even more complex. By sorting out individual property ownership ahead of the marriage you may prevent more of a headache down the road should a divorce come about.