Understanding the world of pre- and post-nuptial agreements
Many people in Minnesota may think of prenuptial agreements as something needed only by those who are extremely wealthy with a multitude of assets to protect. Such thinking may have been the case decades ago but is rather antiquated today. There are many circumstances in today’s society which can make a prenuptial agreement a very useful and important tool.
Protection for business
Anyone who is part of a business, whether a family business, partnership or some other form, has a legitimate need to protect that entity from being part of any potential divorce process. Clear identification of what portion of a business shall remain separate property can help to avoid problems not just for the divorcing couple, but for any others who are involved in the business as well.
Consideration of existing children
With a large number of people getting married for a second (or more) time, the wish and need to provide for existing children is real. If minor children are involved, the reality may be a legal necessity to ensure that proper support is maintained until the child or children reach adulthood.
For remarriages between empty-nesters, there can be a valid desire to leave certain assets to family members on one particular side if either a divorce or a death should take place. A prenuptial agreement can help to set this up so that emotions do not take over in a challenging situation.
Help for stay-at-home moms and dads
The choice to leave a job, especially one with a high salary or wage, to stay home with a child or children is not always easy. One concern for a spouse facing several years away from a profession is the amount of money that he or she will be able to earn when they once again seek employment.
The reality that a drop in compensation should be expected cannot be denied. In order to make the decision to stay home more palatable, a postnuptial agreement can provide stipulations for income to the at-home parent if the marriage should end during the time he or she is not working outside the home.
Working with a professional makes the difference
Setting up a prenuptial or a postnuptial contract requires great care and proper experience to ensure that the end document is legally binding. If you and your spouse or spouse-to-be are interested in creating one of these documents, it is important that you discuss your situation with a family law attorney who is well-versed in these agreements.