When most people think of a prenup, they imagine it’s only for celebrities and billionaires who want to protect their wealth. But prenuptial agreements can benefit anyone, regardless of their net worth. In this blog post, we will discuss why prenuptial agreements are important and how they can serve as a base for the asset division process in the event of a divorce.
Why Have a Prenup?
A prenup is an agreement between two parties that sets out how assets should be divided if the marriage ends in divorce or death. If you don’t have one and you get divorced, your assets may be divided according to what’s called community property law. All assets acquired during the marriage are split 50/50 between both parties. Having a prenup allows you to decide ahead of time how you want your assets to be divided in the event of a divorce or death.
What Should You Include in Your Prenup?
When creating your prenup, it’s essential to include any information about the property each spouse owns before and after marriage, such as real estate, bank accounts, pension plans, and investments. You should also include who will be responsible for any debt incurred during or prior to marriage, such as student loans, credit card debt, and mortgages.
Additionally, you should include who will receive alimony payments if applicable and who will have custody of any children from previous relationships or children born during the marriage. All of these details should be included in your prenup so that it will be clear how everything should be handled if there is a divorce or separation.
Follow Your Prenup Unless It Is Ruled Invalid
It’s imperative that couples follow the guidelines set in their prenups during asset division proceedings unless it is ruled invalid by a court of law. A judge may rule that certain aspects of your prenup are weak due to coercion or fraudulence on either party’s part when signing the agreement.
However, if your prenup is valid, both parties must abide by its terms during asset division proceedings, even if one side disagrees. This is why it’s essential to make sure that you create an airtight document so that all parties involved understand exactly what is expected from them if anything changes.
Prenuptial agreements protect both spouses in case of divorce or death and can help make sure things are fair for everyone involved in an asset division process down the line. It's important to remember that both parties must follow their agreement unless it has been ruled invalid by a court; this helps ensure everyone gets what they deserve out of any asset division proceedings which may come up down the road.
Whether you're planning on getting married soon or not, it's always best to take precautions now so that you're prepared later on, just in case something changes unexpectedly! Call our firm at (713) 364-0777 to schedule a consultation with one of our family law attorneys to learn more about how your prenuptial agreement works in a divorce.