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Prenuptial agreements can serve many different functions

There are many different types of soon-to-married couples who may find entering into a prenuptial agreement prior to their marriage to be a helpful preparation to make just in case their marriage were to end in divorce. One reason for this is that there are a variety of different functions such an agreement can serve. In today's post, we will discuss some of the things a prenup can be set up to do.

One such thing is provide asset protection in the event a divorce occurs. Prenuptial agreements can contain terms which lay out what will happen with alimony and property division if the couple were to divorce. These sorts of terms could be arrayed to keep particular assets a person has protected. Examples of individuals who may find having a prenuptial agreement in place that has asset protection terms in it especially helpful include: high-asset individuals, individuals who have particular assets they have a major desire to keep protected, business owners and individuals who acquire intellectual property rights in their work.

Property division and alimony terms in a prenuptial agreement can also be set up to perform another of the functions a prenup can serve: providing proper compensation in the event of a divorce to a person who will be making financial sacrifices in the marriage. There are many different financial sacrifices a person might make in a marriage. For example, sometimes, a person will leave their job to focus on their newly-formed family. Individuals who anticipate making financial sacrifices in a marriage may want to consider having a prenup in place that would provide them with favorable alimony or property division terms in the event of divorce as compensation for such sacrifices.

Another thing that prenuptial agreements can be used for is clarifying debt responsibility. Such agreements can contain terms specifying who is responsible for paying off given pieces of debt. Individuals who may find having a prenup with debt clarification terms helpful include individuals who are marrying someone who is coming into the marriage with considerable debt.

Soon-to-be married individuals who are wondering if a prenuptial agreement is something they should have and would like to learn more about the different functions a prenuptial agreement can serve should consider speaking to a family law attorney.

Source: Cheat Sheet, "5 Reasons You Might Want a Prenup," Megan Elliott, April 11, 2015

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