The couple determines how to divide assets if the marriage ends. This is important if the individuals are both bringing assets into the relationship and want to be certain they can maintain those assets as their own in the case of a divorce. Once vows are exchanged, all assets, and debts, for that matter, are considered joint. When trusts, sizeable savings, property, business(es) or more is owned by one party, in the case of the divorce, they may want that to revert back to themselves, or to their children or even another person. This is particularly important when there are children from a previous marriage as assets may go to a spouse rather than children in the case of a death, when that was never intended. Protecting retirement plans or pensions that were built over one’s lifetime with one spouse who remarries, is another great use of a prenuptial. Potentially less cost and stress in the case of a divorce. In a divorce, all property is considered marital property and will be divided equally. This may not be fair to one party and if not established in a pre or post nuptial, may require litigation to resolve. Protect Windfalls During a marriage, if one partner receives a windfall, such as large lottery winnings, inheritance, business gains, real estate assets or more, a post-nuptial agreement can help determine how those assets will be divided in the case of a divorce. A pre-nuptial likely would not have included unexpected gifts, so a post-nuptial handles those details so the spouse can claim the income as their own, rather than as joint property. Considering a pre or post nuptial agreement? Simon Law group can help! Serving the Greater Phoenix area in the area of divorce and family law for 30 years, Simon Law can be reached anytime day or night at 480-745-2450. Call today for a free consultation. Remember, experience matters!]]>
