When love is in the air, it is not always easy to think with a clear head. Before the wedding bells begin to ring, there are some things the couple must do in order to ensure their financial interests are protected. This is where the idea of prenuptial agreements come into play. Here are a few of the reasons why such an agreement makes sense.
Protecting Assets
In many marriages, both individuals bring certain tangible assets into the union. While the plan is for the marriage to last a lifetime, things do not always work out the way people envision. Should the decision be made several years later to end the marriage, what happens with the assets each party brought with them? When prenuptial agreements are in place, chances are those assets will remain with the person who originally owned them. In addition, any assets that the couple acquired during their years together will be divided according to the terms spelled out in the agreement.
Keep in mind that the terms found in this type of agreement will vary, but they must be in compliance with any laws that apply in the jurisdiction where the document is drafted. Along with assigning rights to certain assets, the document can also be configured to allow for things such as the marriage ending before a certain amount of time passes, or what would happen with those assets if one of the spouses is proven to be unfaithful.
Simplifying the Divorce Process
If the marriage does end, having an agreement will simplify the process of obtaining the divorce. Many of the financial details will already be worked out in the terms of the agreement. This means the focus can be more on making any additional arrangements for child support and assigning custody rights to each of the parents. In the best-case scenario, the result will be that the divorce can occur with a minimum of negative feelings and the two parties will have what they need to build new lives.
For help in drafting a credible prenuptial agreement, visit Website Domain and arrange to meet with an attorney. Even though the couple has every intention of staying together for the rest of their lives, having the agreement in place will be a comfort if things do not work out.
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