Prenuptial Agreements: What’s the Need for Them?
Some couples create and sign prenuptial agreements before marriage. The document primarily lists the assets of each party and clearly notes who owns what should the marriage fall apart and the couple divorce. Many think that these contracts are only for the rich to be concerned about, but this isn’t the case.
Denver family law attorneys make a solid case by saying that anyone with assets to protect can benefit from such an agreement. Below are some reasons to consider getting a prenup.
Distributing Property from Previous Marriages
A prenup is particularly useful for those who had a previous marriage, as they may intend to support the children of the prior marriage. In this case, drafting a prenuptial agreement can guarantee that the children will not suffer should either parent file for a divorce or annulment.
A prenup can also define the financial rights and responsibilities of both parties in a marriage. Regardless of their financial status or if they have children or not, clarifying these rights is useful in ensuring that there will be no contentions with who pays for what. It can also protect an individual from having to carry the spouse’s debt.
Should the marriage end in divorce, a prenup speeds up the process by laying out the guidelines of property division from the get-go. It lessens the number of assets and liabilities that the parties have to divide among themselves. It can also determine if any of the spouses should receive alimony, although this is also subject to state laws.
Prenup agreements can define several things in a marriage that could potentially become problematic further down the line. But they can also set rules for the most trivial matters, too. Talk to a family lawyer to find out more about what you can add to your agreement.