Many couples in Kentucky who are ready to walk down the aisle do so with wedding bells in their ears and romance on their mind. In fact, the wedding day for many people is one of the most important days in their lives. However, it may be beneficial for couples to sit down together beforehand and talk about their finances. After all, such discussions can help couples work out what may be some thorny issues before their wedding day. And, one important document that may be the result of such discussions is a prenuptial agreement.
Prenuptial agreements, also known as pre-marital agreements, in general can do much more than simply name who will get what property in the event of a divorce. There are other good reasons to create a prenuptial agreement.
If one partner has a business, a prenuptial agreement can set that business aside as separate property. If not, it could be considered marital property and thus be divisible in the event of a divorce. On the other hand, if one spouse intends to give up a promising career after the couple is married to focus on their family or help their spouse achieve career goals, a prenuptial agreement can protect that spouse's financial interests as well.
Prenuptial agreements can also address inheritance issues. This can be especially important if one or both spouses have children from a prior marriage.
Sometimes one spouse can come into the marriage with a significant amount of debt. A prenuptial agreement can address this, shielding the debt-free spouse from having to be partially responsible for the debt, especially in the event of a divorce.
Prenuptial agreements can also address the issue of spousal support. This can be especially important if one spouse is significantly wealthy.
In the end, prenuptial agreements are a good way to settle financial issues ahead of time before they become a problem. In addition, they can keep a couple from spending months or even years in expensive litigation during a divorce.