Prenuptial Agreements to Protect the Family
Most everyone has heard of employing a prenuptial agreement to guard personal assets. In fact, prenuptial agreements are often created to make a decision on how current and future monetary assets, the home, and other property are going to be split between the 2 parties within the event of a divorce. Prenuptial agreements aren’t, however, always about the 2 people getting married. Often, they’re also about other important people within the lives of the engaged couple, as well.
With approximately 1/3 of first-time marriages ending in divorce and 50% of subsequent marriages ending within the same fashion, it’s becoming increasingly common for one or both parties to already children from a previous marriage. Therefore, a prenuptial agreement is a crucial thanks to protecting the youngsters who will inevitably get entangled within the marriage.
One issue that ought to be addressed during a prenuptial agreement is: who will inherit the couple’s money if both should die? Another important concern to think about and address during a prenuptial agreement is: how will the biological children of 1 party be affected if that person should die? In other words, if Bill has two kids and he marries Lorie, what is going to happen to Bill’s kids if he should die? Will Lorie still provide for them? Or, will they be left to defend themselves? in fact, no parent wants the latter for his children.
A stepparent has no legal obligation to worry for youngsters after the death of the spouse. Therefore, a prenuptial agreement can make sure that the youngsters of the biological parent are still cared for after the parent’s death. Issues like inheritance and life assurance, and who the beneficiaries are of both, should be included within the prenuptial agreement. Therefore, an individual with children who are getting married should consider a prenuptial agreement so as to secure a robust future for the youngsters.
Children aren’t the sole people that are often suffering from a divorce. Other relations and business partners are often, as well. If Beth owns a closed corporation, which has been passed down for generations in her family, she will protect the closed corporation with a prenuptial agreement. Since a prenuptial agreement has got to be fair to all or any parties, Beth will presumably get to “give” something reciprocally within the prenuptial agreement. The peace of mind knowing that the closed corporation will remain intact, and stay within the family, is well well worth the trade-off.
In a similar fashion, business partners are often protected with a prenuptial agreement. If Tom and Scott have worked over the past five years to make a successful business, and Tom is close to marrying, the business and its assets are often protected by the prenuptial agreement. This not only protects Tom, but it protects Scott, as well. Without a prenuptial agreement, Tom and Scott’s business could potentially be torn apart by a divorce.
A prenuptial agreement also can help protect the oldsters of 1 of the partners who are close to marrying. for instance, if Cindy has parents who are ill and wish to be cared for, Cindy could have it included in her prenuptial agreement that her parents can accept the marriage to be cared for. Similarly, she could have it included within the prenuptial agreement that the couple agrees to buy look after Cindy’s parents during a residential nursing facility.
Prenuptial agreements might not seem “romantic,” but they’re a sensible a part of marriage. Creating a prenuptial agreement forces couples to seem at potential problematic areas beforehand and are available up with solutions that employment for both parties. Prenuptial agreements also help make sure the financial security of both people that are close to marrying and, more importantly, they assist protect those they love.