While we all hope that our relationship with the person that we marry will last forever, the truth is that we have to be prepared for the fact that it might not. In the case that it does end, divorce can often be a legally messy arena, one in which property and assets must be carefully divided between both parties. For this reason, it’s much better to be on the safe side and to create a prenuptial agreement before getting married in the first place. A prenuptial agreement is an agreement that is entered into before getting married that specifies the nature of each person’s property.
At Nelson, Taylor, and Associates, we have dealt with countless prenuptial agreements, and know the intricacies that go into creating a fair agreement that protects the assets and property of both parties.
What a prenuptial agreement does
As a financial agreement, a prenuptial agreement can serve several very important functions. First of all, a prenuptial agreement helps to keep individual’s property in their own name, rather than in the name of both of them. This means that people can protect assets or property that they feel they cannot risk to divide, in the case of a divorce. A prenuptial agreement also makes sure that each member of the marriage does not assume any of their ex’s debts after a divorce. These agreements can also save money, as the alternative is going to be a long and expensive court battle, which will financially hit both parties.
State decides division of property, otherwise
In the absence of a prenuptial agreement, a disagreeable divorce will lead to a costly court battle where the law will determine who is entitled to certain assets and property. A prenuptial agreement ensures that property that was attained before the marriage can remain separate, afterwards. Otherwise, it would fall under the jurisdiction of equitable distribution laws. This makes prenuptial agreements very popular amongst career-oriented people, who often decide to marry a little later in life, and will have financial property that must be protected.