I know that I want to marry my fiancé, but I’m unsure how to protect the assets I have acquired so far or how to address property division in the event we divorce later. What options are available?
Prenuptial agreements
A prenuptial agreement is created before a couple gets married. It specifies how they will divide their assets if they ever decide to get divorced. While some people view prenuptial agreements as planning for a divorce before the marriage starts, they can have several benefits.
The first is that they clearly lay out each spouse’s expectations about the property. This can save money and time later because the property division may be more direct. Also, if a person is marrying for the second or third time, for example, or later in life he or she may have significant assets. Rather than worry about how a future spouse could walk away with property that is the result of a lifetime of hard work, a prenuptial agreement can give the spouse with more assets peace of mind knowing that he or she will get to keep those earned amounts.
A prenuptial agreement can also address alimony. It can set a specific amount that one spouse would pay to the other in the event of a divorce or can remove it entirely from consideration. If a couple decides that a prenuptial agreement isn’t the right fit, they may want to consider a postnuptial agreement.
Postnuptial agreements
A postnuptial agreement is created after the couple is married. With this agreement, the couple may address marital property like retirement accounts and real estate, for example, that were opened or purchased after the marriage.
An experienced family law attorney can provide guidance about prenuptial and postnuptial agreements.