A prenuptial agreement is an agreement that many Minnesota couples choose to create before entering into a marriage. Prenups can deal with a variety of issues from division of assets to who will keep the family dog. Creating a prenuptial agreement can be a helpful process for couples who may differ on some issues and want a forum to resolve those differences before the wedding day.
Legal separation is a one-year period when a couple waits before they file for a formal divorce and for an action to divide property or decide on other issues like child support, alimony or custody. The option of legal separation gives couples an opportunity to resolve their problems and time to discuss issues related to property division, custody or alimony.
When couples decide to go ahead with a divorce, the issues related to the division of properties, debts or assets can be decided in private negotiations or with the help of the court. Courts will look to the prenuptial agreement as well as relevant state laws in order to determine the outcome of a particular case, and will also consider the testimony and evidence presented by each party.
Some assets like artwork, family heirlooms, or business interests can be difficult to divide as the monetary value is not easily calculated.
Taking into account all of these complex considerations, it is often advisable for a couple to consult an experienced legal expert who can help in preparing a prenuptial agreement. A prenuptial agreement can successfully protect the properties acquired before marriage, protect the family business and define the rights or waive rights of each party in the event of divorce.
Prenuptial agreements have many advantages, including the potential to expedite divorce proceedings once the couple has decided on that path.
Source: WRAL Techwire, “This, that and the kitchen sink: Dividing it all up after a marriage ends” Dec. 19, 2012