Prenuptial agreements, as explained under the Uniform Premarital Agreement Act (UPAA) is:
- Between both spouses
- Effective at the start of marriage
- Made in contemplation of marriage
A well-drafted prenuptial agreement is a useful tool to help make the process of divorce easier if this unfortunate event ever arises. Even if the couple does not have a lot of money, having a prenup in place can still lead to a much more harmonious outcome.
If either party has children from previous relationships, a prenuptial agreement can help protect their best interests. Spouses have rights to one another’s assets, including:
- IRA accounts
- Life insurance policies
These assets can be preserved for the children with a prenuptial agreement. That way, the former spouse is unable to inherit these assets in the unfortunate event of his or her death.
Your Business Can Be at Risk with Divorce
As a young entrepreneur starting a business, you may not be thinking about how to best protect it. When it comes to getting married, however, it is advisable to get a prenuptial agreement so that you can ensure the protection of this company you have invested so much in. A divorce without a preformed agreement as to what is marital and what is separate can cause devastation to your business. Even if you started your business before your marriage, your spouse will be entitled to half or more of the appreciation.
Another consideration is that after getting married, you and your spouse will share one another’s debts. If your spouse has obtained debts, the creditor can still come after your business’ assets after divorce. If you need assistance structuring a prenup to safeguard your business against divorce, reach out to our Charlotte divorce lawyer at Krusch & Sellers, P.A. today!
Prenuptial Agreement Assistance from Our Family Law Attorney
It may not seem like the most romantic consideration, but having a prenuptial agreement in place is a practical step for your future. It in no way implies that the marriage is doomed. In fact, one can often waive their right to certain assets in the future. Contact our firm today if you are preparing for marriage and want more information on a prenuptial agreement.