It seems like an obvious assumption that (under ordinary circumstances) no engaged couple wants to think about getting a divorce. If they were going to get divorced someday, they wouldn’t get married in the first place… right? While this seems logical, the fact remains that the U.S. divorce rate continues to hover right around 50%. No couple thinks it could happen to them, but unfortunately, about half of them will be proven wrong at some point in their marriage.
Because divorce is a fact of life for so many people in the United States, the team at Deputy & Mizell, LLC wants to encourage you to be proactive about protecting yourself and your assets as you enter into a marriage. If you haven’t thought about establishing a prenuptial (or postnuptial) agreement yet, now is the time.
Prenuptial Agreements – What’s The Point?
Prenuptial agreements (also called premarital agreements or “prenups”) are designed to protect young brides and grooms in the event that they face a divorce at some point in their marriages. Prenuptial agreements serve to act as general guidelines for how property and assets will be distributed in the event of a divorce. This can be especially valuable for couples in which one person comes into the marriage with significantly greater wealth or debt than the other. Without a prenuptial agreement, the wealthier individual may be forced to share his/her assets – or take equal (or at least partial) responsibility for the debt.
Prenuptial Agreements Have Some Limitations
As with most things, prenuptial agreements do have some legal limitations. For example, prenuptial agreements cannot be used to dictate anything relating to child custody, child support, or visitation rights. If you have children during your marriage, you and your divorce attorney in central Missouri will have to divide these rights and responsibilities just as you would if there were no prenuptial agreement in place. However, many couples find that the financial security prenuptial agreements can provide greatly outweighs the drawbacks of their limitations.
Some couples find that, in the midst of the crazy busyness of wedding planning, they simply don’t have time to get a prenup established before they get married. In these instances, establishing a postnuptial agreement may be a good option. Postnuptial agreements, for the most part, operate in much the same way as premarital agreements; the only significant difference is that postnuptial agreements are established after the marriage has already been formed.
Deputy & Mizell, LLC Can Help You Establish Your Prenup!