Marriage is a union between two people. You don’t plan for that union to dissolve. However, nearly 40% of marriages end in divorce. The last thing you need is to have your business, pension, retirement accounts, or property put at risk because of a dissolution of a marriage. Putting a prenup in place can help you and your spouse have an extra layer of protection should you face divorce. Knowing what to include in a prenup is paramount.
- Premarital Assets: Disclose any premarital assets, and outline any property that will become joint property. Since you accumulate assets during a marriage, defining what is premarital property and how to divide your marital property will help ease the divorce process.
- Premarital Debts: On the other side of the coin, it’s a great idea to figure out how to deal with debts during the marriage or should a divorce happen. If one spouse is bringing debt into the relationship, you choose whether it becomes the responsibility of both parties or remains with the person who holds the debt. One spouse can protect the other from creditors in a prenup agreement as well.
- Spousal Support/Alimony: No one wants to feel like the other spouse is getting the better end of the deal. In most marriages, one spouse makes more money than the other. Drawing up provisions on how much a spouse should receive can reduce tension during a divorce. Leaving it up to a judge may leave one spouse feeling like they are being taken advantage of or should receive more. Bear in mind that a judge may terminate this part of the prenup if it is considered unfair.
- Financial Responsibilities: Not only should you be talking about finances prior to getting married, but how you will share those expenses and responsibilities is important. Who pays for what, and how much should you each contribute towards retirement? Including these provisions in your prenuptial agreement allows you to get on the same page.
- Children from Previous Relationships: While a prenup doesn’t replace a will, you can use this document to support your wishes and protect children from previous relationships in the event of a death within the marriage. You can choose how to allocate assets to your child (or children) and your spouse so that each person will receive a fair portion of property and inheritance.
- Business Earnings: If you or your spouse owns a business, write in your prenup whether the profits are separate or marital property in your prenup. This inclusion is essential, especially should your business experience significant growth. Protect yourself should you end up divorcing by determining the value of the business at the time of your marriage and stating what percentage of the business value your partner will get, as well as how you will handle the value of the business throughout the years.
- Retirement Accounts: Employee 401(k) or pension contributions count as marital property. To keep this asset separate, include that information in a prenuptial agreement. If you have a hefty retirement account when entering into your marriage, that may be of particular interest to you to protect that asset should the marriage dissolve.
Choosing a law firm well-versed in exploring or executing a prenuptial agreement can greatly impact how you are protected. The Akron and Cuyahoga Falls Hoover Kaycon, LLC Attorneys at Law are here to answer your questions and help you through the process. We deliver the highest quality legal representation from a team of professionals while also providing excellent customer service. Call us at 330-922-4491 or contact us online to make an appointment.
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