Couples rarely enter into a marriage, thinking about property division in the event of a divorce. Yet all marriages end at some point or another, either through divorce or because of death. A prenuptial agreement is a legally binding document that protects people and their property. It ensures their desires at the start of the marriage are carried out. It can also be useful upon death. As such, it is a good idea to sign a prenuptial agreement prior to getting married.
What Is a Prenuptial Agreement?
Prenuptial agreements identify property and other assets a couple has at the start of the marriage, as well as how these assets will be allocated if the couple divorces. All property listed in the prenuptial agreement is simply divided as specified by each party at the beginning of the marriage.
While attorneys charge a fee for drafting a prenuptial agreement, this fee pales in comparison to the divorce fees that can add up if the split is contested and litigated. Without a prenuptial agreement, couples may spend a fortune fighting over who gets the china, and whether to sell the vacation home.
Below are some other reasons to consider a prenuptial agreement.
There Are Things You Want Your Children to Have
When you marry and have children, a prenuptial agreement provides assurances to your children. With one in place, you’ll be able to specify property and other assets you bring into the marriage that you want your children to have. And if you pass away while in a second marriage, the prenuptial agreement works absent a will to make certain your wishes are followed. In a divorce, a prenuptial agreement ensures treasured family heirlooms stay in the family. It also prevents heirlooms from becoming casualties of the divorce.
Your Business Partners Want to Do Business with You
If you’re a part of a family business or have other business partners, a prenuptial agreement offers peace of mind to the people you work with. By claiming your ownership in the business at the start of the marriage, you ensure it does not become a commodity negotiated away in the event of a divorce.
You Have Assets
Any time someone has assets, it is natural to want to protect them from losses. Retirement accounts, homes owned prior to the marriage, and family heirlooms have all been lost in divorces where the couple didn’t have a prenuptial agreement or take other precautions to protect their assets. A prenuptial agreement is an insurance policy. It protects your assets against potential loss in a divorce.
If you are considering marriage, contact the Law Office of Eric C. Cheshire, P.A. at (561) 655-8844 to discuss a prenuptial agreement. We can meet with you to discuss your current situation. We look forward to discussing your needs, and the needs of your family.