Getting married is an exciting time in the life of every couple. With marriage comes the responsibility of joining two separate lives into one. However, with divorce rates steadily increasing, couples believe it is important to protect their assets. In order to accomplish this, many choose to sign a prenuptial agreement.
What is a prenuptial agreement?
A prenuptial agreement is a legally binding contract established by two people before they marry. The agreement addresses assets brought into the marriage by each person, any acquired during the marriage and what rights each individual has to those assets in the event of a divorce. Couples are often apprehensive about entering into a prenup because of the underlying implications. This agreement addresses issues from property allocations, individual wealth brought into the marriage, how you plan to raise your children and even the ramifications of infidelity. The agreement does not address issues like child support or custody, those are handled separately in a divorce proceeding.
When should you get a prenuptial agreement?
No couple enters into marriage believing infidelity will occur or they will be robbed of their financial wealth. However, life happens, so many couples draft a prenuptial agreement in order to safeguard their individual assets in case any issues arise in the future.
How can this agreement benefit you as a couple?
- Separate assets: In the event of divorce, prenuptial agreements prevent you from fighting in court to prove what assets you brought into the marriage.
- Dividing assets: Prenuptial agreements can limit your responsibility regarding spousal debt at the time of divorce and during the marriage. A prenuptial agreement can secure your financial stability giving only you the right to your money. Without a prenuptial agreement, how debt is handled and who is responsible for paying the debt may be decided by the court.
- Inheritance: In a prenuptial agreement, you can decide if you inherited property that it remains with each spouse individually in the case of divorce.
- Outlined spousal support: In Kentucky, you can use a prenuptial agreement to create a basis for spousal support.
- Reduce conflict: A prenuptial agreement is a legally enforceable contract, which when signed, may remove the possibility of certain arguments and potential issues that the prenup agreement addresses.
If you are considering entering into a prenuptial agreement prior to your upcoming marriage, contact the Law Office of Todd K. Bolus, PLLC. Attorney Bolus can answer your questions, explain the benefits of prenuptial agreements and guide you through the process.