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What to know about prenuptial agreements

On Behalf of | Mar 5, 2020 | Divorce

Individuals in Alabama and throughout the country may want to consider crafting a prenuptial agreement before their weddings take place. This may be ideal for anyone who owns a business or who wants to create one in the future. The agreement could protect a person’s ownership interest in a company that could eventually grow into a local, regional or national power. Those who are getting married for the second, third or fourth time may want to create a custom marriage contact.

This could be especially helpful for someone who has children from a previous marriage. Stipulating what happens to a child’s inheritance by using such a document can be almost as powerful as putting assets in a trust. A person who doesn’t have children but still wants to protect his or her wealth can do so by creating a prenuptial agreement.

The document can specify what is considered marital property and what is considered personal property. Taking this step can help to protect money or other assets that have been in a family for generations and is expected to remain in the family for generations to come. Generally speaking, a prenuptial arrangement can prevent a divorce from taking too long to complete. In addition to saving time and money, a prenup helps save a person from the mental stress that can come with divorce settlement talks or a divorce trial.

There may be several divorce issues that a prenuptial agreement helps resolve when a couple chooses to end their marriage. For instance, it can stipulate that a person gets alimony for a certain amount of time or until they hit a certain financial milestone. A prenup might also determine how tangible and other assets are divided. An attorney may review such an agreement to determine if it is still enforceable.

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