The idea of signing a prenuptial agreement may seem distasteful to some engaged couples, as it sounds like you're planning on ending the marriage before it's even begun. However, it's good to remember that a marriage is a legally binding contract, and going through a divorce can mean facing some surprising circumstances that you wish you had worked out before you exchanged vows.
Note a few reasons why you might have a family lawyer prepare a prenuptial agreement and how such an agreement can protect each person:
1. Family property or certain pieces of property stay with their owner
When you get married, usually any property you own becomes owned by the two of you, so that when you get divorced, your ex-spouse has just as much right to take with them any and all pieces of personal or real property. Even if you don't own any property now, it's good to note in a prenuptial agreement what will remain yours after an inheritance or separate purchase. It's also good to note if one spouse, who is more financially well-off than the other, may want to limit their monetary support payments after a divorce. This too can be outlined in a prenuptial agreement.
2. If there are certain debts one spouse incurs or if finances need to remain separate
Debts are just like property; they're often considered jointly owned, or the joint responsibility of both spouses once they get married. If your spouse has student loan debts, or for any other reason they would damage your credit rating or finances in the marriage, a prenuptial agreement can be a good choice.
An attorney can also tell you what debts will not remain separate. For instance, if you buy a house together or have children together, these may not fall under the category of separate finances and both spouses may be liable for these costs.
3. If a spouse will owe the other money
One spouse may want to borrow money from the other for a startup business or other reason. If either individual feels that the other one will owe them money for any reason if they should divorce, this can be written out in a prenuptial agreement. It's also good to consult with a family lawyer so that you know if your spouse may not owe you money, for example, paying for a spouse's medical care while married may not be considered a debt that they owe you after a divorce. An attorney can advise you on what can and cannot be included in such a prenuptial agreement.
Contact a company like Bell Lawyers with any questions or concerns you have.
Share27 July 2015
My name is Jeanette Kennan. I have been a high school legal studies teacher for many years. As such, I am fascinated by legal cases I come across in the media. Family and friends often consult me about minor matters related to the law and although no expert, I can often point them in the right direction. It occurred to me that there may be other people out there who are not aware of basic legal issues. After all, you probably don't think about legal matters related to death, accidents or crimes until you find yourself in a crisis situation. This blog is designed to give you some introductory information about a range of legal topics. Hopefully, it will help you to be prepared and informed should a legal concern arise. I really appreciate you breaking in to my humble little site. Please enjoy.