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Prenuptial agreement

Prenuptial agreement

By on Jan 17, 2016 in Family Law, Marriage law‎, Divorce Law |

This agreement follows the rules how assets and financial means are going to be divided after the marriage ends between two spouses. It shouldn’t be taken slightly and it should be reviewed with caution. Like other aspects of family law, the rules that manage the prenuptial agreements are the subject of the state law. Majority of the countries have adopted the law making model known as the Uniform Premarital Agreement Act. Some states have modified this act prior to marriage of the same sex couples.

Here are the reasons why someone should make prenuptial agreement.

To protect each other from debts. Some of us bring debts into marriage, while others bring assets and money, if this agreement doesn’t exist in the marriage, creditors could collect their demands trough all marriage assets.

Provide for your children from previous marriages. This is a helpful solution to ensure that your children get your share of property, that is if you one of you have children from another marriage. In this way, after your death your children will get their share.

If you have some property that you want to keep in the family, you and your spouse can make that deal. You can ensure even your family business to stay within your family.

To ensure your assets you must make an estate plan and prepare estate planning documents like will, living trust and etc. In this way you will transfer your assets as you intend.

With the prenuptial agreement you can define who gets what after the divorce and without the prenup the state will divide your assets and by drafting this agreement you can avoid the results that neither of you want. You can establish your own rules for property division and avoid potential disagreement if the divorce occurs.

It would be vise to keep your finances apart. Every state has its own set of rules how assets, that are accumulated trough marriage, should be divided. For example, Orange County has a very strict family law, thats’ why their lawyers are very good, especially stands out family law lawyer orange county! This property is called a martial property or community property.

If couple decides to divorces or one of spouse dies martial property will be divided between them, either with court or it will be a mutual agreement.

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