The Prenup: What You Need To Know
Divorce can be a messy old thing. It can make the most amicable of separations toxic and have emotional consequences on yourself, former partner, children and even friends and wider family.
Lawyers have seen it all down the years and can be hugely helpful when trying to settle divorces, acting as go-betweens and trying to make the process as simple and stress free as possible.
Firms such as Simmrinlawgroup specialise in family law and tackle the most sensitive of subjects much more compassionately than in criminal defense law or personal injury. However, many firms can also help you before you even tie the knot, with prenuptial agreements.
While there is often a bit of a stigma around the prenup, they can be the perfect way to avoid any potentially messy divorce proceedings. More and more people are using prenups as a way to keep things simple should their relationship not work out. If it’s something you’d consider, here’s all you need to know about getting started…
Determine what happens to jointly owned property beforehand
One of the biggest issues when getting divorced is what happens to jointly owned property. It can be battled over and battled over, but determining this in a prenup, when relationships are much stronger can be useful. This involves things such as real estate, which is considered community property in a number of states when bought within wedlock, and should be divided evenly. By determining what is and isn’t community property beforehand you can decide what should be distributed to both parties more effectively.
Put procedures in place
You can also put procedures and rules in place to avoid any issues should it come to divorce. This can include rules around investments, high-value purchases and more. Ultimately, if your partner agrees and signs the prenup, you can protect certain investments in whatever way you see fit.
They say what’s yours is mine and mine is yours, but sharing debt certainly can cause problems, particularly when it comes to divorce. Debt before marriage can be highlighted in a prenuptial agreement and be assigned to a specific person, while you can also make it clear within the agreement who takes responsibility for mortgage payments, student loans, vehicle loans and many other expenses.
The prenup is not the most romantic thing to do in the world, and is often associated with the rich and famous. It can cause friction in itself, but if both parties are on board with it then it can in fact save you money should divorce happen.
With a prenup in place you’re likely to save time in divorce proceedings and in turn will save money. Court proceedings are less likely to be extended and there should be little debate as to who receives what, as ultimately it’s been agreed to prior within the prenup.
Everyone’s circumstances are different and this can be reflected in a prenup with special agreements in place.
You can also plan for future events. For example, if as a couple you were to buy multiple properties during your time together, you can put an agreement in place that these are split equally in order to both receive a house.
This process can be put in place for a number of circumstances no matter how unique, and a family lawyer will always be able to provide advice on this.
While prenups can be a tough subject to broach with a partner, after all nobody goes into a relationship and considers it will end, but in theory they can make divorce a much less stressful time that will not only save you time and money, but potentially can be the difference between an amicable break and a toxic one.