Getting married? Here are some reasons why you should consider a prenup.
We know that prenups are not the most romantic of topics when planning a wedding with your partner. However, the establishment of a prenup does not indicate a lack of trust between partners. The State of Delaware is an equitable distribution state. As such, in the case of divorce, if there is no established prenuptial agreement and parties are unable to come to an agreement on distribution of marital assets (and yes, debts), then the Court divides properties equally and fairly. The catch? Sometimes what the court deems as fair, may not be considered fair among partners.
There are a lot of different reasons why couples should consider a prenup before tying the knot. First and foremost, prenuptial agreements outline “what happens” to current and future assets. In the event of a divorce, understanding early (and clearly) the details of distribution of marital and premarital assets may bring peace of mind, but at the very least, it prevents any number of headaches. Prenups also often protect those who may be marrying into debt. If not outlined in a prenup, the court will split marital debt between partners. A prenuptial agreement allows partners to define these debts as one partners separate debts and detail how they will be handled in the event of a divorce. In a lot of ways, a prenuptial agreement is like insurance where partners can talk about which assets will be joined and which will remain separate. Whether it is income or debts earned during their marriage, a prenuptial agreement gives couples the ability to decide what will be defined as marital property and what will remain separate in the event of a divorce.
When it’s time to divide assets and debts, a prenuptial agreement can be helpful if one or both partners enter the marriage with, for example, family heirlooms or property that they wish to keep separate. A prenup is especially beneficial for anyone who may have children prior to this marriage and would make a divorce less complicated for their children or stepchildren. While a prenuptial agreement cannot affect child support or child custody, it can often ensure that the inheritance of one or both partner’s children is safe.
There are no aspects of Family Law that are uncomplicated, and wherever money and property play a role, the more complicated things become. Having the opportunity to address these issues upfront in a sober and cooperative manner can help you avoid the nightmare of a messy divorce. With the counsel of one our seasoned attorneys here at GDWG, we will guide you and your partner every step of the way to ensure that both parties are well represented in a prenuptial agreement.