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by Wendy Alton – Forbes previously published an article titled “Protecting Your Business In a Divorce: Pre-Nuptial Agreement.” It is an excellent article, but it is also a reminder that prenuptial agreements are useful for more than just protecting a business.
Prenuptial agreements are agreements made between couples who are planning on getting married. The agreements will specify what happens with their money and property if they divorce or pass away. It can also spell out in detail how they will purchase assets and how they will share debt. It can describe their wishes as to whether or not spousal support or alimony will be awarded if they divorce.
Prenuptial agreements are very common when two people are bringing significant assets (or debt) of their own into the marriage. They are also common when people are marrying later in life and their marriage is blending two families together. Prenuptial agreements can be quite common with couples who are marrying for the 2nd or 3rd time, or for people who have businesses that they have started or have inherited through the family.
Prenuptial agreements can be used to protect more than just a business. They can provide a couple with clarity and predictability for how their assets and debts are to be divided if something were to happen to them in the future—whether by death or divorce.
If you are interested in learning more about prenuptial agreements, family law or divorce, or have a question about those issues, please call Wendy Alton at 734-665-4441 or email her at Wendy Alton.