Ahh… true love. You’ve finally found it and you’re ready to spend the rest of your life with that special someone. The ring’s been bought, a date’s been set, your gift registration is filed, and the last thing you’re thinking about is ending it all. During this time of excitement and bliss it can be difficult to see the big picture and comprehend how this amazing person could ever hurt you. However, it’s worth contacting a law firm now to protect your assets in case your marriage takes a road less favorable.
So what is a prenup?
A pre-nuptial agreement is an unromantic legal statement that specifies how couples will divide assets if they divorce. Over the past decade, prenups have increasingly become more common in younger couples. In a 2013 study, 63% of divorce lawyers surveyed saw an increase in prenuptial agreements of the prior three years.
Why should I get one?
Prenups will make sure that in the event of a divorce, you will retain what is rightfully yours. Many people believe that assets they own before a marriage (savings, real estate, etc.) will be given back to them upon a divorce. In reality, a court’s decision and a state’s divorce law will decide how assets will be divided in a prenup-less divorce. The same is true with liabilities as an individual may be forced to take on a portion of an ex’s debts as a result of divorce.
What does a prenup say?
Basically, a prenup says: “If we get divorced, here’s what you get and here’s what I get”. The most common areas addressed in prenups are: protections of separate property, alimony/spousal maintenance, division of shared property, and protection of the increase of value in separate property.
Okay, how do I get a prenup?
An experienced divorce lawyer will draft a prenup that covers all of your assets and offer guidance on items you might not think of. KTF Law Firm specializes in Minnesota law and our Minneapolis family lawyers have helped many couples protect their assets before saying “I do”. While we hope you’ll never have to use it, take the wise step and let our Minneapolis lawyers draft a prenup specifically for you! Contact KTF Law to learn more about prenups today!