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Prenuptial Agreements Are a Good Tool for Many Engaged Couples
A prenup generally saves time, a great deal of money and can avoid contention during the divorce process.
January 12, 2012 /Law and Legal PR News/ -- Prenuptial Agreements Are a Good Tool for Many Engaged Couples
Many couples view prenuptial agreements through a cynical lens. Some think prenuptial agreements only apply to those who have large estates. Others may think prenuptial agreements are more likely to lead to divorce. Despite common misperceptions, however, prenuptial agreements are actually versatile legal documents that many couples feel only strengthens the relationship and shows emotional maturity by both parties as they enter marriage.
What Prenups Can Do
Prenuptial agreements, or "prenups," list all the finances and debts of each individual entering the marriage or civil union. If the marriage ultimately ends in divorce, this legal agreement will divide assets according to the plan spelled out in the prenup. A prenup generally saves time, a great deal of money and can avoid contention during the divorce process.
A prenup is essential for those who own their own business or have title to significant property like a house. Generally, businesses and homes can be the most contested points of negotiation during divorce. By clearly stating how the business will be divided a couple can avoid problems with the day-to-day running of the business and ease the concern of any potential partners or shareholders. A home can be either a significant asset or a significant debt. Clearly specifying who will keep the home or how money from the sale of the home will be divided can save time, money and stress.
A prenup can also protect family property, such as heirlooms and works of art, so that they can be passed down as intended by the donor. If one spouse gives up a career during the marriage, he or she can be protected by obtaining a guarantee of alimony if the marriage ends. Finally, prenups can protect an individual from debts one spouse brings into the marriage.
What a Prenup Cannot Do
While versatile, prenups cannot do everything. They cannot specify who will do household chores, for example, or limit one spouse to childrearing. Prenups cannot award custody of children to one parent. Each future spouse needs his or her own lawyer. If one does not have counsel, or if one lawyer represents both parties, the prenuptial agreement might be declared invalid. In addition, if one spouse hides assets or debts from the other the prenup may be declared invalid by a court.
While you may never need it, prenups provide a clear financial picture for those who wish to enter into marriage with financial peace of mind. Those contemplating a prenup should contact a lawyer experienced in creating prenuptial agreements to discuss their options and legal rights.
Article provided by Law Firm of Susan K Candiello PC
Visit us at www.candiellolaw.com
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