5 Situations Prenuptial Agreements are Crucial
During the first blush of romance no one wants to talk to a prenuptial agreement attorney in Columbus, Ohio. They want to talk about wedding plans—should they have their bachelor party in the Short North? Their reception downtown? But prenuptial agreements (often called prenups) are important for nearly every marriage because they protect the parties involved financially in case the marriage doesn’t work out, which we all know is quite common.
If you wait until your marriage is falling apart, a divorce or separation can become a horrible ordeal, costing you months of time and thousands of dollars. In most cases, both parties end up miserable, angry, and dissatisfied. A prenup can prevent a lot of these problems by clearly outlining what each person receives in the event of a divorce. There are no surprises and each person walks away with what they have already agreed. Who needs them most? Prenuptial agreements attorneys in Columbus, Ohio agree that there are at least five situations when they believe an agreement before the wedding is essential:
1. When There are Children From a Previous Relationship
If either of you have children from before your current relationship, a prenup can outline what happens to your property and who inherits what when you die. If you have property or assets you want to pass on directly to your children and not your spouse or any new children, put it in the agreement. This prevents your new spouse from claiming property that you would prefer to go directly to your own children.
2. When One of You Has a Lot of Debt which Will Continue During the Marriage
If either of you is walking into marriage with a lot of debt, a prenuptial agreement can protect the other spouse from these debts, if they increase during the marriage, in the case of a divorce. If your spouse owes thousands of dollars racked up before you met, like student loans, you probably don’t want to be responsible for half or more of it if you get divorced and your spouse has deferred payment or increased his/her debt during the marriage. A prenup can protect you so that each person is responsible for his or her own debts which are incurred during a marriage.
3. When Either of You Has Assets to Protect
When one or both partners come into a marriage with premarital assets or property, those assets can be protected and retained by the original owner even after a divorce when addressed properly in prenuptial agreements. Columbus, Ohio attorneys at Petroff Law Offices, LLC can walk you through the process of determining what each spouse wants to retain in the event of a divorce. While most people think this is primarily a good idea for very wealthy couples, anyone who has their own home, family assets or even items of sentimental value should consider a prenup to ensure their ex-spouse doesn’t claim in divorce court that these assets were commingled or intertwined as part of the marital estate.
4. There is Income Disparity
If one individual in the relationship makes significantly more money than the other, a prenuptial agreement can ensure proper support in the event of a divorce. You can agree in advance to a dollar figure for alimony or spousal support in the event of a divorce so that neither person is left destitute or struggling to survive. Ensuring your financial future is especially critical if one spouse will not be working or will be working for a much lower salary.
5. When You Own a Business
In the event of a divorce, you could be forced to give up part of your business to your ex-spouse or even forced to sell it and divide the proceeds. If you’ve invested your life in your business, losing it can be devastating. Trying to co-manage a business with an ex-spouse can also lead to emotional and legal problems of which neither of you will want to contend
For a prenuptial agreements attorney in Columbus, Ohio who can walk you through the process of developing a prenup that works for you and protects you financially, contact Petroff Law Offices, LLC.
We hope your marriage lasts forever, but with our help you can be secure even if it doesn’t.