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How prenups may be useful in many situations

On Behalf of | Jan 17, 2020 | Divorce

Prenuptial agreements seem to be on the rise according to a survey by the American Academy of Matrimonial Lawyers. Some people in Ohio may associate the idea of prenups with family wealth. This is one reason a couple might have a prenup, but there are a number of others as well.

If either or both own a business, plan to own a business, or work in or plan to work in a lucrative field, a prenup may be a good idea. People who are not wealthy or who are even in debt at the time they marry may later accumulate wealth, and in a divorce, they might wish they had taken steps earlier to protect it. A prenup can also add an extra layer of protection for children from a previous relationship, ensuring that certain assets are set aside for them. However, a prenup cannot deal with child support or custody.

Prenups can also add an additional measure of estate planning security. This may be particularly important to protect a spouse who is marrying into a wealthy family. Finally, a prenup can make the entire divorce process less difficult and time-consuming. People may want to think of a prenup not as a plan for divorce but as an insurance policy in case the marriage ends.

Without a prenup, the division of property can be complex in some cases. For example, if one person owns a business, it will be necessary to determine what percentage of it belongs to the other spouse. If the two people own a business together, they may need to sell it, or one person might buy the other out. Even people who have a prenuptial agreement will need to determine a child custody and support plan if they have children, but they may be able to make an agreement without going to court.