Roughly half of marriages end in divorce, and most of those people thought that they would be together forever. A well-constructed marital agreement can protect both parties in the event of a divorce. It may even be the financial framework that can help establish a successful marriage.
Generally, the party with more assets asks for a prenuptial agreement or seeks a postnuptial agreement if they begin to make significant money or have a large inheritance during the marriage. However, marital agreements should protect both parties.
Whether you are a spouse with fewer or greater assets, you should have a knowledgeable family law attorney’s representation during the marital agreement process. A Fort Mitchell marital agreements lawyer at Busald Funk Zevely can help ensure that any document you sign protects you in the event of a divorce.
Prenuptial Agreements
Prenuptial agreements have gotten a bad reputation because people think of them as planning for divorce. In reality, responsible people plan for bad events that they do not want to happen to make their outcome less devastating. Health insurance, homeowner’s insurance, and car insurance are all examples of using advanced financial planning to help protect from financial devastation in the event something negative occurs.
When two young people without any assets or children from other parties enter into a marriage and build a future together, they may not need a prenuptial agreement. All of their assets would be marital assets, which they build together. However, many times, people come into marriages with significantly different assets, children from other marriages, or vastly different earning capabilities.
Spousal expectations can also make a difference in prenuptial agreements. Picture a scenario where an older spouse with a promising career marries a younger spouse, expecting the younger spouse to forego their career to raise their partner’s children from a prior marriage. A prenuptial agreement that kept that younger spouse from getting the benefit of marital assets would be patently unfair. However, the second spouse inheriting in lieu of the children would also be unfair. Prenuptial agreements can help handle potentially contentious scenarios before they arise.
There is no one-size-fits-all prenuptial agreement. The terms should depend on the individual abilities and contributions of both parties. They should also treat both parties fairly. While asking for a prenup is a wise financial decision, a Fort Mitchell marital agreements attorney can advise when a document is lopsided and unfair.
Postnuptial Agreements
Sometimes, a marital agreement is needed after the marriage. A change in financial situations may prompt these agreements. For example, if one spouse is a founding partner in a start-up or other business, investors may require a marital contract before they will agree to invest in the business.
Other times, postnuptial agreements help couples navigate betrayal, loss, or other disruptions in the marriage. For example, if one spouse has committed an act of domestic violence, the couple may decide to stay together to work through the issues, but the victim-spouse may want a postnuptial agreement that protects them in the event that the violence continues, and they need a divorce.
Infidelity is another reason people seek postnuptial agreements. A spouse may be willing to try to work through infidelity the first time but want some backup compensation if the other partner cheats again.
As the examples make clear, the reasons for postnuptial agreements are often complex and highly emotional. Navigating them takes a skilled and empathetic marital agreements lawyer in Fort Mitchell.
Consult a Fort Mitchell Marital Agreements Attorney
Asking for a marital agreement can feel like you are telling your future partner that you do not trust them. However, when done correctly, these tools protect both you and your partner in the event of a dissolution of your marriage. They are financial tools to protect from disaster, and getting them is a sign of intelligent financial planning, not distrust. Talk to a Fort Mitchell martial agreements lawyer at Busald Funk Zevely to learn more.