Protection in The Event of Divorce
While for many it may seem that prenuptial or postnuptial agreements are a bit taboo and signify the marriage may not last long, having such an agreement in place can offer great protection for high-asset owners in the event of a divorce. The tenets of these types of agreements allow for individuals to walk away with certain assets and protect them against other issues. Here are some benefits that high-asset owners may see with prenuptial and postnuptial agreements, specifically in the event of a divorce.
Major Issues Already Taken Care Of
Perhaps one of the most valuable benefits of prenuptial and postnuptial agreements is that they may contain language that protects the rights to certain property for each spouse. For example, if one spouse owns real estate that they primarily use for vacation purposes, the marital agreement could uphold that spouse’s ownership of the property. It could also be used to ensure the spouse’s rights to sell or use that property as they see fit.
These marital agreements do not stick exclusively to property. A carefully crafted prenuptial or postnuptial agreement could contain language outlining marital issues such as asset division. These agreements can outline what should happen to property in the event of a spouse’s untimely death. Marital agreements can even include language detailing who would pay alimony and how much they would pay for a specified length of time.
Reduction of Time and Costs
Because prenuptial and postnuptial agreements take care of important marital issues, divorces involving these agreements can be beneficial for both parties. Having marital issues worked out removes the necessity of negotiating these issues for the settlement agreement, thereby saving all parties time and money. While there is no guarantee of this, prenuptial and postnuptial agreements offer parties in a divorce a greater chance at these benefits.
The Importance of Language
The language in a prenuptial or postnuptial agreement can make the difference in whether it is held up in court or not. Because of this, it’s important to work with an attorney who knows what language can and cannot be included in these marital agreements.
At Law Offices of Jonathan Merel, P.C., we know how important it is to create a marital agreement that benefits both parties involved, which is why we’re here to help. We can sit down with you and help you craft a document that will hold up in court and ultimately protect your rights.
To schedule a consultation, call us at (312) 487-2795 or visit us online.