If you and your partner are on the road to marriage, you’re likely busy planning for the ceremony and your blissful future together. Your excitement and love for one another may seem like it will endure forever, but in reality, about half of all married couples nationwide end in divorce. While it may seem like a strange time to plan for a possible divorce, financial and legal experts highly recommend taking some time to put a prenuptial agreement in place that will protect your future—regardless of what happens. Let’s take a look at three financial benefits of creating a prenuptial agreement and how these actions can offer more stability for your union in the long run.
Prenup Benefit #1: Control Over Property and Asset Division
Even if you cannot picture an unhappy marriage down the road, statistically there is a chance your marriage may not work out. In the event spouses cannot agree upon a comprehensive settlement agreement to terminate the marriage, the court will step in to oversee the division of property and assets. Although Ohio judges strive to achieve an equitable division of assets, their definition of “equitable” may be very different from your own. By drafting a prenuptial agreement before or early on in your marriage, you and your spouse can decide how you wish your assets and property to be divided in the event of a divorce. Having these conversations and drafting an agreement before the marriage can save significant time, money, and stress later on when things aren’t so rosy.
Benefit #2: Keeping Divorce Costs Down
Ohio divorces can get expensive fast, especially if heated arguments are drawn out over a significant period. When there is no prenuptial agreement in place, divorcing spouses have no foundation or roadmap, often drawing out the process. However, if there is a prenuptial agreement already in place, all parties have a clear set of guidelines to follow. Rather than starting from scratch, you and your spouse (and your respective attorneys) will have a clear outline to follow, which tends to make the divorce process much smoother and shorter.
Benefit #3: Safeguarding Your Business
If you own your own business (or own any interest in a business) and you are planning to get married, it’s potentially smart to create a prenuptial agreement that designates your business or interest as separate property. Without doing so, you may be forced to divide up the business or liquidate it entirely during the divorce process. By taking the necessary time to clearly specify that this business will remain intact in the event of a divorce and remain fully with you, you could potentially spare yourself significant financial and commercial losses. Although every aspect of the divorce process can be complicated, the valuation and division of a business during the already complex procedure only creates more animosity and confusion. Protect your future self from unnecessary financial woes and emotional stress by putting together a prenuptial agreement that includes clear instructions and protections for your business.
To learn more about how prenuptial agreements can help set a precedent ahead of any potential future marital issues, contact the dedicated and knowledgeable divorce and family law attorneys at Garretson & Holcomb, LLC by calling (513) 863-6600 today.