It is important to understand that marriage is not only a romantic union, but also a type of business relationship. Any couple who brings personal or business assets to the marriage can experience the benefits of a prenuptial agreement, such as creating an inventory of premarital assets which will remain the property of their original owner in the event of a divorce.
However, many people find difficult to discuss a prenuptial agreement with their significant other. Whether the timing isn’t right or it’s not romantic, they don’t want to experience a potential argument or fight about the possibility of divorce.
On the other hand, making a prenup may even strengthen your relationship. Communicating with your fiancé about financial matters can improve the quality of your relationship and encourage transparent communication in your marriage.
The following are the main benefits of drafting a prenuptial agreement:
- Protect your separate property
- Define what property is considered marital/community property
- In the event of a divorce, reduces conflicts and saves you money
- Establish procedures and rules for determining future matters
- Protect the inheritance rights of children and grandchildren from a previous marriage
- If you own a business or professional practice, a prenup can protect them so it won’t be divided and subject to the control or involvement of your ex-spouse upon divorce
- If you plan to leave a lucrative career after the marriage, a prenup ensures that you will be compensated for that sacrifice in the event of a divorce
- If one spouse has substantially more debt than the other, a prenup can protect the debt-free spouse from sharing the debts of the other
- Clarify special arrangments between both parties.
If you are interested in drafting a prenuptial agreement or file for divorce in Kentucky, contact Louisville divorce attorney Louis P. Winner today.