There has always been some controversy surrounding prenuptial agreements. Some people think that having one means you adopt the attitude that you are entering the marriage that will fail. Some religious groups say that it nullifies the very essence of marriage which is that it unequivocally blends two lives into one. There are many arguments against or for them. Whitmarsh Family Law will help you to decide if it is something that you want to implement, here are some basic details regarding prenuptial agreements.
What Is a Prenuptial Agreement?
In basic terms, a prenuptial agreement is a legal document that keeps the assets of the two marriage parties separate. It has many complexities to it which may include what happens to assets accrued during the marriage or how existing estate documents are affected by marriage. In some states, it is referred to as a statement of divorce. Taken from this perspective, it often seems a harsh approach to have when you are about to declare undying devotion to one another. However, there are many very good reasons to put a prenuptial agreement in place.
Business Owners Need to Protect Their Business Assets
If you have a business partnership, that needs to be protected through a prenuptial agreement. The last thing you want if one of the partners gets a divorce is another business partner in the form of their spouse. If the partner’s assets are not protected by a prenuptial agreement. Their spouse may have a claim on their business assets. The spouse may have no knowledge whatsoever on how to run the business, but without a pre-nuptial agreement, they can find themselves with interest in your business.
You Are Far Wealthier or Poorer than Your Partner
A prenuptial agreement can protect you regardless of whether you are the wealthier or, the poorer of the two in the relationship. For wealthier people, it is a way of making sure that those who marry you are not doing so because of your money. For poorer partners, it can ensure that you and any children will be provided for in the marriage. A prenuptial agreement can be structured in such a way that all parties stand to benefit, but key assets remain intact. For example, if you have an estate plan where specific items and family heirlooms have been allocated to specific friends or family then a prenuptial can ensure that this estate plan remains intact and unaffected by your marriage.
If You Are Remarrying
Many people are wary of remarrying, especially if they have already been through a messy divorce. You may also have alimony responsibilities from your previous marriage. Often, it can take some time to rebuild your life after divorce financially. It is reasonable to want to protect your assets if you plan to remarry. In the event of your death, a prenuptial agreement can ensure that both your old family and new family benefit, and that one does not gain at the expense of the other.
Not Knowing What the Future Holds
Few people enter a marriage with the idea of one day getting divorced. Some people may even believe that if or when they do get divorced, it will be amicable. The sad truth is this is seldom the case. The breakdown of marriage is emotionally difficult. Hurt and bruised emotions tend to bring out the worst in people and often logic gets thrown out the window as it becomes a fight for what some perceive as survival. Without a prenuptial agreement, the divorce process can be drawn out into an emotionally and financially draining process. In the end, both parties may end up losing far more than they ever thought they would. A prenuptial that clearly outlines the assets regarding the marriage can be the best thing you can do for yourself.
Peace of Mind in the Marriage
Some people live with the fear that if the marriage ends, they will be left with nothing. A prenuptial agreement can help provide you with a level of assurance within your marriage. The reason for this is that both parties know where they stand in terms of financial assets. You can have the peace of mind that whatever you came into the marriage with will remain yours. In addition, a prenuptial agreement can define what happens to assets that are accrued during the course of the marriage. In this way, you will both know where you stand should you ever happen to get divorced.
Contact experienced prenuptial agreement attorney in Los Angeles at Whitmarsh Family Law for more details.