When it comes to falling in love, planning for the wedding, and dreaming of a happily ever after ending to the story, it is easy to lose sight of important points and considerations. When the soon to be married couple gets swept up in the romance of wedding planning a simple yet sad truth can often get overlooked. This is the simple and cruel fact that not every marriage will last and that based on statistics alone, around half of marriages today will eventually end in divorce, usually within the first five years.
Protect yourself ahead of marriage
One way to protect yourself from the financial impact of a divorce and to help guard certain investments and interests you have is to execute a prenuptial agreement before the marriage becomes officially binding. Prenups essentially are a contract both parties enter into that outlines each person’s financial rights and obligations should they divorce. This legally binding document, drawn up and overseen by a licensed attorney, protects against one spouse losing everything in the event of the marriage dissolving.
What can a prenup include?
The financial outline that a prenup follows are generally enforceable and cover thing such as the division of share property and assets such as bank accounts and investments. Some states already have regulations enforcing hoe shared property and investments are to be divided but there are still aspects that can be left open during a divorce.
In a prenuptial agreement, a spouse can include a provision that allows them to get more than the other party if certain criteria are met. A prenup can also contain provisions regarding what assets will remain separate, or who gets the bigger claim to shared assets such as savings accounts, retirement funds, and so forth. It is also possible to include terms and agreements for spousal support and payments in the event of a divorce.
What can’t a prenup include?
Prenups generally do not have any provisions or listings regarding child-related provisions. This means that issues regarding minors are not included as part of this legally binding agreement. Issues such as child custody, visitation, or child support have to be negotiated separately at the time of divorce. Children have rights and whatever is deemed to be in the best interest of any children involved in the divorce proceedings will be determined at that time by the appointed judge.
Protect your rights
With the right prenup, some of the uncertainty of the marriage can be put to rest. Both parties can rest assured that their interests and those of their spouse are protected. No one wants a marriage to end in divorce, but when it happens, it is good to know there are terms and protections in place to safeguard both parties in the event of divorce. Contact Erica Bloom Law today to get started.