Posted on: 15 October 2015
Falling in love with someone and choosing to get married can be a very fun experience, but if you have considerable assets it is important to think about your best interests before tying the knot. A prenuptial agreement can be a good thing for both you and your future spouse if it is done properly and agreed upon by both parties. Your family law attorney can draw up the prenuptial agreement in advance to your wedding. There are several reasons to consider having a prenuptial agreement in place.
Protect Your Business
No one goes into a marriage expecting to get divorced, but the reality is that many marriages are legally dissolved. If you own your own business, a divorce can become very complicated and the finances of your company can become involved. A detailed prenuptial agreement will address the personal finances of you and your future spouse while also financially protecting your business in the event of a divorce.
Alimony Determined in Advance
When a couple decides to divorce, things can become emotional and ugly fast. When one party in a marriage has greater assets than the other, the spouse with less financial status is typically awarded alimony. But during a divorce, it can be incredibly difficult for spouses to calmly and rationally come to an agreement about alimony; a prenuptial agreement helps you avoid this, as spousal support will be decided before marriage when you and your future spouse are on good terms.
Protect the Financial Interests of Your Children
If you have children from a previous union, you may have plans to pass on a portion of your assets to them in the future. Having a prenuptial agreement in place before getting married will ensure that any money or property that you plan to give to your children will remain in your control even if your marriage ends in divorce.
Streamline the Divorce Process
Divorces can take a long time to settle, and it is usually because spouses are fighting about the division of assets. Having a prenuptial agreement in place can ensure that the divorce process is quick and includes little arguing about who gets what. In addition, since a prenuptial agreement is drawn up during a time of peace and love in a relationship, it typically protects both parties and makes sure that each spouse gets a fair amount of assets when the marriage ends. For more information, talk to a family law professional like Haslam & Perri LLP.Share