How Can a Prenuptial Agreement Protect Me During Marriage and Divorce?

 Posted on January 05, 2021 in Family Law

When you get married, you and your spouse will not only be making the commitment to spend your lives together, but you will be entering into a legal partnership that affects the income you earn, the property you own, and much more. This means that if your relationship breaks down in the future, and you decide to get a divorce, you will need to address multiple types of financial and legal issues, including dividing the marital property you own together. Even though you probably do not want to think about the possibility of divorce when you are planning to begin your new life as a married couple, considering these issues can help you avoid difficulty and uncertainty in the future. By creating a prenuptial agreement, you can make decisions about these financial issues and provide yourself with protection if your Ohio marriage does not last.

Situations Where a Prenup Can Be Beneficial

A prenuptial agreement (prenup) will typically involve financial issues related to property, debts, income, and financial support. It may make decisions about how a couple’s property will be divided in the event of a divorce, or it may state that certain assets are considered marital property, while other assets are separate property that will be owned by one spouse. A prenup can also decide whether one spouse will pay spousal support to the other in the event of a separation or divorce, as well as the amount of these payments and how long they will last.

A prenup can provide benefits to Ohio spouses in several different ways, including:

• Significant assets and debts - If spouses own valuable assets before getting married, or if they expect to inherit or receive assets from family members, they can use a prenuptial agreement to protect these assets and ensure that they will not be required to divide this property in a potential divorce. A prenup may also be appropriate if one spouse has large debts, and it can make sure the other spouse will not be responsible for repaying these debts in the event the union does not last.

• Business ownership - A spouse who owns a business will want to make sure that he or she can continue to own and operate his or her company, no matter what happens during the marriage. A prenup can state that business assets will remain the separate property of one spouse, preventing the business from being included in property division during divorce.

• Children from previous relationships - If either of the spouses has children when they get married, they may want to make sure their children will have the financial resources they need, no matter what happens during their marriage. A prenuptial agreement can state that certain marital assets will not be divided between the spouses during divorce, but will instead be set aside to be given to children or used for specific purposes, such as college tuition.

Contact Our Medina Prenuptial Agreement Lawyers

If you are planning to get married and want to determine the best ways to protect your assets and financial interests, The Law Offices of Andrew M. Parker, LLC can explain your rights and help you understand your options for using a prenuptial agreement to decide what will happen if you ever get divorced. We will work with you to create a prenup that will meet your needs and provide you with the reassurance that your concerns will be addressed, no matter what happens in the future. Contact our qualified Medina County family law attorneys by calling us today at 330-725-4114. We offer free consultations in most cases.

Sources:

http://codes.ohio.gov/orc/3103.05

https://codes.ohio.gov/orc/3105.171

https://www.moneytalksnews.com/benefits-of-a-prenup/