Most of us have heard about prenuptial agreement, but do know the purpose for which such an agreement is made. To make it clear let us examine some conditions in which prenuptial agreements are beneficial and cannot be avoided. In this article I am going to explain the importance of drafting and reviewing prenuptial agreements.
When two persons going to marry are in different financial positions
Assets: Suppose A and B are going to get married shortly and A is in a very high financial situation compared to B. This can happen if A is having more assets or if A is having more regular income by way of salary or income from business etc. Or suppose A has inherited a large property or going to get inherited a large property after marriage then such an agreement will be beneficial to A. Let us examine how. This agreement is intended to consider such property as not marital property so that A will not lose half of its right after the proposed marriage.
Debts: The same scenario can occur when the one of the spouse in the proposed marriage is having some debts or is likely to be liable to debts in the near future. Suppose A and B are going to get married soon. And suppose A is having some debts or is likely to be in debt recovery procedures soon after marriage. In such a situation premarital agreement will save B from shouldering the burden of the debt of A.
A divorce lawyer will advise you to sign a prenuptial agreement if you are studying for some professional degrees which can give you a very lucrative profession.
When your partner is already divorcee
When your partner is already divorcee and going for his second marriage your family lawyer will advise you for a prenuptial agreement. This agreement also takes into account the expenses that will be necessitated for the children in the first marriage. Your family lawyer will be the best person to consult with when such situation occurs and you prefer to sign a prenuptial agreement.
Business owning partner
If your partner owns a business the prenuptial agreement will be useful in the event of a divorce. So consult a spousal support lawyer fairfax and discuss in detail about prenuptial agreement as it protects the other partner from the liabilities that may arise out of the business.
Prenuptial agreement determines the following:
- Obligations and right of a partner towards property
- Everything related to the disposal of property in the event of a divorce or separation
- Everything related to the property’s ownership in the event of the death of its owner