It is doubtful that couples get married, expecting to divorce. However, many marriages end up legally dissolved. Persons entering into second or third marriages may have serious concerns about the financial repercussions of getting divorced. Actually, so may someone who is about to marry for the first time. Gaining a better understanding of a prenuptial agreement might help persons worried about the fallout of a divorce.
A prenuptial agreement is a legal contract that details financial arrangements after a divorce. The agreement details protections regarding assets such as property, money and more. So if the agreement limits one partner to a specific percentage of all assets after a divorce, it may be upheld by the courts.
Persons of considerable wealth often find value in prenuptial agreements. These individuals may be presently wealthy, or they could expect to receive an inheritance. Regardless, the prenuptial agreement could protect those assets if a marriage falls apart.
Sometimes, the person getting married doesn’t worry about a prenuptial agreement. However, family pressure can bear down on the individual. Therefore, he or she explores such a contract.
Wealthy people aren’t the only persons who opt for a prenuptial agreement. Even those of modest means may do so. A person’s only assets could be a house he or she purchased with 100% of his or her own money during the marriage. That individual could seek to retain sole ownership in the event of divorce.
Others may have their children’s future in mind. A prenuptial agreement could give them better power to control their offspring’s inheritance. Concerns might exist over what the ex-spouse would do with the money.
Prenuptial agreements set terms for assets. People of both modest and wealthy means may seek them. In a world where divorce is so common, such contracts may be valuable. An attorney could help draft the agreement for a client.
