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The Necessity of Prenuptial Agreements

No one gets married, anticipating they will eventually get divorced. However, studies show at least half of all marriages end in divorce. Consequently, before you get married, it’s a good idea to speak with an attorney about drafting a prenuptial agreement to protect assets, define expectations, and offer peace of mind.

Protect your Assets

A prenuptial agreement is a contract signed by both parties in anticipation of marriage. Within the contract, the parties can identify all property, assets, and debts they have as they come into the marriage. Within the prenuptial agreement, the parties can indicate whether or not one party will pay or receive alimony, or whether no alimony will be paid should the parties divorce. Similarly, allocation of debts and assets can be addressed in a prenuptial agreement.

Protecting your Business

When one party comes into the marriage already owning a business, a prenuptial agreement will clearly define what will happen to the business if the parties divorce. Depending on how the business is handled during the course of the marriage, the business may otherwise be considered property subject to the terms and conditions of the divorce decree. A properly written and executed prenuptial agreement can safely protect the business.

Defining Expectations

One of the leading causes of dissent in a marriage is arguments over money. Starting a marriage after discussing assets and debts, couples may find themselves better situated to handle married life. Additionally, at the beginning of the marriage, couples tend to be far more interested in an equitable division of property; this can prevent extended, costly divorce litigation later.

Peace of Mind

Prenuptial agreements offer people peace of mind. Particularly in situations where there may be a family business, co-owned by a number of different family members, a prenuptial agreement can ensure the extended family, or, depending on the circumstances, other business partners, their interest are protected. Hence, there will be no need to worry about a third-party being awarded a portion of the business, or awarded permission to run part of the business, should the parties divorce.

Furthermore, prenuptial agreements can provide security and the assurance that inheritance will stay with the party to whom the inheritance was intended.

Finally, a prenuptial agreement provides certainty no other document can provide. If there is a divorce, and the parties cannot agree on property division, a judge will make the decision for the parties. A prenuptial agreement avoids the uncertainty that comes with allowing a third party to decide who gets what assets.

If you are looking for an experienced and highly reputable family law attorney in Miami, contact Dadvocacy Law Firm at (305) 363-6171 to schedule a consultation for further information.

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