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Prenups – Hindsight in a Foresight Position
Often when people hear the term “prenuptial agreement,” an instinctively negative reaction follows. This is usually the case due to the fact that when prenups originally became popular, they were typically seen as a weapon by which rich spouses took advantage of their less wealthy, less sophisticated partner. It was often seen as unromantic at best and scheming at worst when a person who got engaged said, “I want a prenup.”
Prenups Aren’t Always What You Think
The truth is, though, prenups provide a plethora of important advantages for both parties in the marriage. Prenuptial agreements are not always just about protecting yourself in the event of divorce. Often, they’re about planning your future affairs so as to arrange things legally in ways that are mutually beneficial. If you find yourself approaching a prenuptial agreement with this view, it’s often a win-win for everyone. Here are a few examples of the benefits.
- Debt Liability Prenuptial agreements are a way to protect each partner against joint liability for debts. An example: if one spouse owns a small business and personally guarantees loans, or becomes subject to malpractice claims, a prenup can limit legal responsibility and preserve assets for both spouses.
- Children Spouses are typically very concerned about protecting their children, especially those from a previous marriage. A prenuptial agreement is a good way to make sure if something happens to you, both your spouse and your children will be taken care of, in a way that’s adequate and fair.
- Business Ownership If one of the spouses co-owns a business, a succession plan is often necessary to obtain financing. A prenup can clearly define what happens if the business owner dies.
Contact Us Today
Don’t let your view of a prenuptial agreement only be 20/20 in hindsight. Let us help you find the benefits and advantages of a prenup. You provide the details, we’ll give you the options. We will draft your prenuptial agreement efficiently, providing a speedy turnaround to meet your needs. To speak with a Tempe prenuptial agreement attorney contact the Law Office of Ronald L. Kossack online or by calling 480-345-2652.