Reasons For Prenuptial Agreements
Reasons for Prenuptial Agreements include being wealthy, remarrying, partner has a lot of debts, owning a business, and protecting a family inheritance. Wealthy people often have prenups because they have a lot of assets and money. We often see in the media how wealthy and famous people divorce and remarry. Often we could come to the conclusion that this is a way of life. Without a prenup they stand to lose a great deal during a divorce. Of course marrying another wealthy person may not be a great risk but still reasons for prenuptial agreements often include protection of assets. This is especially true if there are children who stand to inherit. Wealthy people often own their own businesses and may not want to end up having an ex as a partner if the marriage ends in separation. "No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon" (Matthew 6:24).
Partners who do not have any wealth can be protected by a prenup as well especially when the wealthy spouse has a lot of debt. Couples may want to protect the assets they do have so that their children, other family members, and charities receive assets when death occurs. Reasons for prenuptial agreements are to fully disclose and assign assets in specific ways. Both adults will need to have their own attorney and they will have to be willing to be honest and disclose all assets and liabilities. Not disclosing all things might cause the agreement to be legally voided when a divorce takes place.
Settlements not protected by prenups can lead to the wealthy partner losing up to half of what he or she owns. Reasons for prenuptial agreements include devastating outcomes during a breakup. Many states have adopted a uniform agreement act that helps to make sure that the court recognizes the prenup in case of divorce. Not having a prenup hold up in court would be an unusual occurrence. Of course having this type of agreement protects one in case of death as well so divorce is not always the only concern.
In a prenup both adults will want to list all assets, liabilities, income, future gifts and inheritances. Any existing debts that are valid before the marriage takes place should be listed along with how the person intends to pay those debts. All property and any changes in the value of the property are good reasons for prenuptial agreements. Any jointly owned property should be listed on the contract as well. Some things that people may forget to list are expensive art, jewelry, and other types of collectibles. Spousal support and child support that one partner is responsible for should be included on the contract. Other considerations include life, medical, and disability insurance policies should be listed as to whether they will remain the sole property of the owner or become joint property.
Divorce rates today and having significant wealth are good reasons for prenuptial agreements. Some of the latest research shows that almost half of marriages today end in divorce. This does not mean that your marriage will end in divorce. However, divorces are easy to obtain these days so some people would rather end a relationship than try to work at it. And some do not feel like they have a choice. If one adult wants to work at saving the marriage but the other does not then the one who does may be fighting a losing battle. If a partner came into the marriage with a lot of money and assets then he or she will have to divide everything with the partner if a prenup was not filed through the court.
Couples should consider that there is great importance in discussing financial matters before tying the knot. Communication with each other must begin beforehand so that reasons for prenuptial agreements can be found. Each person should come clean about all of their assets, liabilities, property, child support payments, alimony, and so on. Do not just hire an attorney and then surprise your finance with papers requesting a prenup. Tell him or her why you feel like there is a necessity for an agreement and talk openly about your fears. Encourage one another to see an attorney about legally taking care of assets. Try not to take it personally when a partner wants a prenup. Be understanding and look at it as a way to protect yourself as well. If he or she has a mountain of debts then you would not want to be responsible for paying those debts in case of a divorce. In addition, a person would not want to be responsible for making child support and alimony payments for a spouse's previous marriage.
Professional mediation is possible for couples who have reasons for prenuptial agreements but are not sure how to communicate concerns. Partners are encouraged to discuss any type of concerns before marriage. The discussions might include parenting issues, financial matters, whether or not a partner wants to have children, and how each person feels about having a prenup. This is a perfect time to find out if a fiancee likes to save money or spend it. Joint bank account or separate accounts and who will handle the checkbook are all reasonable discussions that should be communicated before marriage. Discussing these things is very important before getting married. This way both people know where the other one stands on issues that could cause problems later on.
Partners who do not have any wealth can be protected by a prenup as well especially when the wealthy spouse has a lot of debt. Couples may want to protect the assets they do have so that their children, other family members, and charities receive assets when death occurs. Reasons for prenuptial agreements are to fully disclose and assign assets in specific ways. Both adults will need to have their own attorney and they will have to be willing to be honest and disclose all assets and liabilities. Not disclosing all things might cause the agreement to be legally voided when a divorce takes place.
Settlements not protected by prenups can lead to the wealthy partner losing up to half of what he or she owns. Reasons for prenuptial agreements include devastating outcomes during a breakup. Many states have adopted a uniform agreement act that helps to make sure that the court recognizes the prenup in case of divorce. Not having a prenup hold up in court would be an unusual occurrence. Of course having this type of agreement protects one in case of death as well so divorce is not always the only concern.
In a prenup both adults will want to list all assets, liabilities, income, future gifts and inheritances. Any existing debts that are valid before the marriage takes place should be listed along with how the person intends to pay those debts. All property and any changes in the value of the property are good reasons for prenuptial agreements. Any jointly owned property should be listed on the contract as well. Some things that people may forget to list are expensive art, jewelry, and other types of collectibles. Spousal support and child support that one partner is responsible for should be included on the contract. Other considerations include life, medical, and disability insurance policies should be listed as to whether they will remain the sole property of the owner or become joint property.
Divorce rates today and having significant wealth are good reasons for prenuptial agreements. Some of the latest research shows that almost half of marriages today end in divorce. This does not mean that your marriage will end in divorce. However, divorces are easy to obtain these days so some people would rather end a relationship than try to work at it. And some do not feel like they have a choice. If one adult wants to work at saving the marriage but the other does not then the one who does may be fighting a losing battle. If a partner came into the marriage with a lot of money and assets then he or she will have to divide everything with the partner if a prenup was not filed through the court.
Couples should consider that there is great importance in discussing financial matters before tying the knot. Communication with each other must begin beforehand so that reasons for prenuptial agreements can be found. Each person should come clean about all of their assets, liabilities, property, child support payments, alimony, and so on. Do not just hire an attorney and then surprise your finance with papers requesting a prenup. Tell him or her why you feel like there is a necessity for an agreement and talk openly about your fears. Encourage one another to see an attorney about legally taking care of assets. Try not to take it personally when a partner wants a prenup. Be understanding and look at it as a way to protect yourself as well. If he or she has a mountain of debts then you would not want to be responsible for paying those debts in case of a divorce. In addition, a person would not want to be responsible for making child support and alimony payments for a spouse's previous marriage.
Professional mediation is possible for couples who have reasons for prenuptial agreements but are not sure how to communicate concerns. Partners are encouraged to discuss any type of concerns before marriage. The discussions might include parenting issues, financial matters, whether or not a partner wants to have children, and how each person feels about having a prenup. This is a perfect time to find out if a fiancee likes to save money or spend it. Joint bank account or separate accounts and who will handle the checkbook are all reasonable discussions that should be communicated before marriage. Discussing these things is very important before getting married. This way both people know where the other one stands on issues that could cause problems later on.
Reasons For Prenuptial Agreements
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