Marriage has served many purposes throughout the ages, including uniting influential families for business purposes. While those types of arrangements are largely irrelevant today, many couples may still desire to protect any individual or family wealth in the event of a divorce. One tool that Georgia couples may use to ensure a predetermined division of marital assets is a prenuptial agreement.
These contracts are traditionally associated with the wealthiest couples who enter a marriage with their own assets that each party desires to shield in the event that the marriage subsequently ends in a divorce. However, these contracts can be a useful tool in almost any relationship. A well-executed document can address any financial assets, including real and personal property as well as other holdings. It can also spell out how any future inheritances or trust funds are to be distributed in the event the marriage does not last.
Prenuptial agreements can also be used to delineate responsibilities for each spouse in regards to spending, sharing of household expenses and the use of credit. Some couples even include how child care and household chores will be handled and by whom. Of course, if either spouse enters the relationship with significant assets, then this tool will enable that partner to specifically designate premarital property.
In the big picture of marriage and finances, a prenuptial agreement might help a couple narrow the focus. In the event the marriage is later followed by a divorce — as almost half do — then this contract between the parties can help ease certain aspects of the dissolution, including the division of marital assets as set forth in the previously signed agreement. Georgia couples who are either in the planning stages of their divorce or even in the midst of negotiations may benefit from relying on experienced professionals to offer support and guidance through the process, even if a prenuptial contract was never signed.
Source: USA Today, “Prenups: Not just for the wealthy“, Elizabeth Renter, Dec. 28, 2014