A prenuptial agreement stipulates how the couple's assets and debts will be shared during a divorce. Prenuptial agreements in Orlando are a smart way to avoid long, exhausting court battles in the event of a divorce. There are six reasons you may want to consider signing a prenup before you get married.
During divorce, courts divide marital property between spouses based on state or country law. Determining what constitutes marital property in divorce may lead to a bitter dispute over property extending months or even years. Couples can avoid this by specifying what constitutes marital property in a prenuptial agreement. A prenuptial agreement also defines how spouses share marital property if they separate. Some people equally divide the assets, while others prefer unequal sharing. Spouses can discuss how to share marital property, the beauty of signing a prenuptial agreement, and courts also respect their wishes.
If you accumulated wealth and marry a partner whose assets are considerably lower, you risk losing your wealth if you divorce. In this case, you may want action to protect your assets.
It is particularly true if you're retired or almost retired because you won't have a chance to earn money in case of divorce. In this case, getting married with a prenuptial agreement is the only way to protect your wealth so that in case of a divorce, assets are split equally.
One way to encourage honest discussion about the finances, properties, and liabilities of a relationship is to negotiate a prenup agreement. While it may sound overwhelming, a real conversation on these topics helps a couple to understand each other's needs before tying the knot. Some couples talk about the contract, but they never draft it. It is also advantageous as they begin their marriage with open communication and a deeper level of trust to sustain their relationship for many years. However, if couples intend to divorce, a well-drafted prenup agreement will resolve common legal issues.
When divorcing, most partners are on the same page. But as time passes, they tend to differ on important issues, making the divorce process costly and time-consuming. But while couples compromise on legal issues that hamper a traditional divorce, it can be lengthy and expensive. They end up spending hundreds or thousands of dollars in legal and court fees before officially canceling the marriage. Having a well-drawn prenup agreement will help you resolve common legal disputes that usually drag on divorces and keep you from getting trapped in long fights.
If you get married and have kids from a previous union, consider the impact your new marriage would have on your kids. Signing a prenuptial agreement allows you to designate your children's specific assets, which means that your children are safe and don't lose their property rights. If you own a company, your prenup agreement may also classify it as a separate asset guaranteeing that your company is immune to a divorce, and you will not be forced to liquidate it.
These are a few of the great reasons to consider getting a prenuptial agreement. If you are looking into getting prenuptial agreements in Orlando before you walk down the aisle, contact our team of attorneys to get started today.