Many people in Georgia who are contemplating marriage do not give much thought to what would happen if their relationships were to end in divorce. Thoughts of dissolution may be unwelcome when you and your future spouse are planning to spend the rest of your lives together. However, when separation becomes the outcome, it can be hard to navigate all of the complex issues that may arise.
Prenuptial agreements mitigate many of the problems couples face in divorce. You do not have to be wealthy or a celebrity to benefit from having a prenuptial agreement. If you have special interests/assets you would like to protect from divorce, consider the following pointers about prenuptial agreements.
1. Establishes responsibility for debts
In divorce, you must split all marital assets and debts fairly. Without a prenuptial contract in place that outlines the distribution of everything, you and your spouse could end up taking on each others’ debts, in addition to sharing assets that, during the relationship, had specific ownership, such as your truck or your spouse’s art collection.
2. Protects business interests
Business is a hot issue that often causes distress and frustration. Once divorce is on the table, the future of all related assets and the company itself are at stake. To prevent problems that could interfere with your business goals, consider using a prenuptial agreement to dictate what is to happen with all business assets in the event of separation. A prenuptial agreement can help you avoid having to share the company with your ex, split business profits and negotiate a settlement that gives your partner other assets in order to minimize the impact of your separation on your company.
Having an enforceable prenuptial contract in place does not mean that your marriage is going to end in divorce. It is a preventative measure that also helps define the financial status of each of you at the outset. A carefully drafted contract can provide you and your partner with greater peace of mind and strengthen your relationship.