Checking the Boxes
Something that you and your partner can do before you get married is put together a prenuptial agreement. However, some people are concerned that this can lead to tension and are unsure if such a move is right for them. Here are factors to keep in mind when determining whether or not a prenuptial agreement is right for your relationship.
Issues Relevant to Prenuptial Agreements
One way to determine if a prenuptial agreement is right for your relationship is if you or your partner own anything that is commonly included in these types of agreements. These assets can include the following:
A business, either in part or whole.
A high salary (this part can be subjective, but it is more common for individuals who make over $100,000 annually).
Employment benefits, such as stock options.
A high amount of assets that are not real estate (again, the exact value is subjective, but those who own over $50,000 of assets could benefit from a prenuptial agreement).
If one or more of these issues is pertinent to your relationship, you might benefit from having a prenuptial agreement in place prior to your marriage. Determining ownership of these types of assets can save time and a headache in the event of a divorce.
Assigning Debt In the Event of Divorce
More often than not, debt that either person has accrued over the course of the marriage will be divided at the time of divorce, regardless of which party was responsible for the debt. However, having a prenuptial agreement in place can offset some of that division by “pre-assigning” debt to each party. This can also occur for debt that is already in place before the marriage, such as student loan debt or credit card debt.
Working with a Family Law Attorney
Because of the complexities involved in creating a prenuptial agreement, it’s important to work with a family law attorney who can guide you through the process and ensure that your prenuptial agreement is written in such a way that, if challenged, would hold up in court. At The Law Office Of Yeazell And Sweet, we’ve worked with clients who have reason to have a prenuptial agreement in place and are ready to help you craft yours.
To schedule a consultation, call our office at (813) 285-5705 or visit us online.