Although marriage may seem like a forever fairytale, many stories end in divorce. Although a prenuptial agreement might seem like an unrealistic way to begin married life, it can prevent heartaches, lengthy court battles, and asset loss in the event of a divorce. Here are some of the benefits of signing a prenup:
1. Division of Your Property
Although divorce rules and regulations are different in every state, if the couple doesn’t have a prenup, the responsibility of dividing the assets will directly go to the judge in many states. In a community property state, the Court has an obligation to equally divide the community property. However, a prenup can carve out property that would normally be community property as your separate property, as the legal document will clearly state how and when the property should be divided.
2. Equal Division of Assets
If one spouse is wealthier than the other is, they are at a high risk of losing a significant amount of their wealth during a divorce. This is why it’s essential to protect your hard-earned assets before getting married. With a prenup, both partners will agree as to who gets what and how. If you’re a business owner, even after a divorce, you won’t have to worry about losing any shares as a prenup will safeguard your rights and ensure fair distribution of assets. Some couples might even include their children’s names to ensure that the wealth stays in the family and there’s an easy succession process.
3. Avoid Paying Your Partner’s Debts
Some states view debts as joint ownership by spouses, so even after a divorce, you might end up paying debts that are not even yours. A prenup can protect you from this if both partners agree to deal with their obligations individually post-divorce.
4. Ensure Hassel-Free and Short Divorce Process
Divorce is a long and complicated process that can be simplified with a legal document like a prenup. Both parties will negotiate and agree upon the division of assets and ensure there’s no need for a legal battle. However, there can be an instance when one party might fight and litigate, but this can also be prevented to an extent based on the agreement they signed. Prenups will foster a more practical and constructive path to divorce, with less energy, time, and money on a dispute.
Divorce is undoubtedly a traumatic and life-altering event. However, tackling the financial details practically and peacefully can help relieve some pain and effort from the process. If you’re looking for an experienced and reliable divorce lawyer in Reno, the Anderson Keuscher law firm has you covered. We can assist with all legal matters and help you determine your rights, responsibilities, and options for prenups and postnups. Get in touch with our family lawyers today.