Marriage is beautiful, but it can also lead to unexpected circumstances and unpleasant surprises. This is why you need a prenuptial agreement. A prenuptial agreement is a legal document that specifies the financial and property rights of each spouse in case of divorce. Although many couples hesitate to sign a prenuptial agreement before marriage, it can provide several benefits for both parties.
1. Protects Your Assets
When you get married, your assets become shared property, which means that in case of a divorce, your spouse is entitled to half of your assets. However, with a prenuptial agreement, you can protect and keep your assets separate. This is especially important if you own a business or have significant assets. A prenuptial agreement can ensure that your spouse has no claim over what you owned before you married or inherited from your family.
2. Defines Spousal Support
In the case of a divorce, spousal support can be a contentious issue. A prenuptial agreement can help avoid disputes by defining spousal support or even waiving it altogether. It will specify the amount, duration, and frequency of spousal support, which can prevent misunderstandings and disagreements. This can help ensure that you and your spouse reach an agreement that works for both parties.
3. Protects You From Your Spouse's Debts
If your spouse has debts, they can become your responsibility after marriage. A prenuptial agreement can protect you from those debts. It can specify that each spouse must pay their debts, which can keep you from being liable for your spouse's debts. This can help keep your credit score intact and avoid financial problems.
4. Helps You Disclose Financial Information
Before marriage, you might not be aware of your partner's financial situation. However, a prenuptial agreement requires full financial disclosure from both parties before signing. This can help both parties clearly understand the other's financial situation before getting married. The agreement requires both parties to disclose all their assets and debts, ensuring that each spouse knows what they're getting into before getting married.
Divorce & Family Law Representation in Columbus, OH
If you're considering a prenuptial agreement, or if you have questions about how a prenuptial agreement can protect your financial and business interests, contact the experienced family law attorneys at Friedman & Mirman Co., L.P.A.. They can provide you with the legal guidance and assistance you need to create a prenuptial agreement that's fair, effective, and legally sound. Contact us at (614) 412-3943 to get started.