IMPORTANCE OF HAVING A PRENUPTIAL AGREEMENT
Marriage is the beginning of a partnership between two people. After they are married, they share their lives, assets and debts. A married couple shares almost everything. No couple goes into marriage with the thought of getting divorced eventually. Even when the divorce is uncontested it can still add a significant amount of stress to the lives of the couple separating. During this separation period, the couple might be stressed out about many things like the division of assets. If there are children involved, then care and support for children. Anxiety can be prevented by having a Prenuptial agreement in place. The lawyers at Musson Law will guide you through the process of drawing up an agreement that is fair and reasonable to both parties. If you are unsure about drawing up such an agreement, the following are some reasons why you should consider a Prenup.
Protecting the Assets:
When you are getting married there are certain assets that you own and don’t wish to divide, in case of a breakup. There might also be some inherited assets that you don’t wish to share. Having a prenuptial agreement will help to ensure that these assets remain untouched. The agreement can include homes, stock options, bank accounts and investment accounts. However, you can’t have a clause in the agreement that states that the other partner will be thrown out of the family home. Both the people in the marriage have an equal right over the family home, irrespective of whose name is on the title. When there is no prenup the assets are divided as per the law. You might expect the division to be equal and fair, but this isn’t always the case. Many times the division is unfair to one party. It is always best to have a prenup to protect your assets.
Protecting the Debts:
One of the great things about prenups is that it protects the assets and the debts. If you or your partner has significant debt, then having a prenup can prevent the debt from equalizing in case of divorce. You won’t have to pay off someone else’s debt. If you wish, you can add a clause stating that if one person pays off the other one’s debt, the amount will have to be credited.
Children from previous relationships:
If you have children from previous relationships, it is fair to want to protect them and their interests in case of untimely death. A prenup will enable you to do exactly that. You can leave a separate property to your children in the agreement.
Dictating terms of Spousal Support
Many times couples choose to address the details of spousal support in a prenup. You could define whether the support would be paid or not. If there is spousal support, then how much would be paid and for how long. It is essential to remember that the prenup can’t include any agreement around child support or parenting. The decisions regarding children are made by the court as per the law.