Follow These 3 Guidelines When Creating a Prenuptial Agreement
Posted on: 25 August 2020
Love is amazing, and meeting the person you hope to spend the rest of your life with is a blessing. But sometimes, being in love can cloud your judgment and make you forget certain possibilities the future may hold.
When you are in a relationship with plans to get married, look at your future in the most realistic way possible. In case you split up, you can protect your finances or assets by creating a solid prenuptial agreement. You can do this with the help of a competent family lawyer. These are three guidelines to follow when drafting the agreement.
Make Clear Distinction Between Personal and Marital Assets
The constitution has laws about sharing property after a marriage ends. Generally, if there was no prenuptial agreement, upon splitting, you might have to relinquish half of your assets to your former spouse.
Divorce courts take into account a number of statutory factors when deciding how to share your assets after separation. However, you can avoid giving the court complete autonomy in deciding what happens to all your property by having an agreement.
Shield Yourself From Your Spouse's Debts
Another mistake people make when in love is failing to see the flaws in their spouses. When you have no prenups, you stand to inherit everything that your partner created during the course of the marriage, even debt.
It is very disturbing to have to pay off debts that you had nothing to do with after a divorce settlement because of an irresponsible spouse. The situation becomes quite complicated when you co-signed a loan or acted as a joint borrower and guarantor. A family lawyer knows how to protect you from unnecessary debts when the marriage dissolves.
Make Provisions to Protect Children, Family Property, and Estate Plans
A prenuptial agreement acts as a blueprint for the judge in determining how to share your property after the divorce. You can use the document to shield children from being exploited. It also helps you keep family assets within your immediate family.
Having a prenuptial agreement is the best way to safeguard your estate plan and ensure its implementation. The advantages of creating a prenup outweigh any negatives. With the help of a competent family lawyer, you will create a document that will safeguard your interests. The attorney will do this without rubbing your partner the wrong way. Take your time in choosing the right lawyer to help you in your legal case.
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