While some people feel preparing a prenuptial agreement is essentially saying up front that the marriage will not last, the fact is this type of document can be helpful even if the couple remains together the rest of their lives. The key is knowing what sort of provisions can be included in the agreement. With the help of a lawyer in Walker, MN, it’s possible to go over what sort of protections can be included in the document and ensure it will accomplish what the couple wants in the years to come.
Preventing Creditors From Coming After a Spouse
As the lawyer in Walker, MN will explain, creating a prenuptial agreement has the power to protect the assets of a spouse even if creditors are attempting to collect on debts owed by the other spouse. For example, one person ran up a considerable amount of debt prior to the marriage. Circumstances since then have made it difficult to pay off those debts according to the original plan. If the prenuptial agreement includes provisions related to separate property versus marital properly, creditors will have a hard time seizing assets held by the spouse and will of necessity have to continue focusing collection efforts on the person who originally contracted those debts.
Keeping Property in the Family
There may be property and other assets that have been passed down through several generations. To ensure those holdings continue to be passed on to children from a previous marriage, it makes sense to create a prenuptial agreement that addresses the distribution of those properties. Should the couple divorce, those assets are not allocated to the other party and they remain within the family.
A Plan for Distribution if a Divorce Does Happen
Unless there is a prenuptial agreement in place, all assets held by both parties are subject to the laws that apply in the state. Thanks to the agreement, at least some of the assets each party brought into the marriage will remain in their possession. The agreement terms and conditions will greatly simplify the process of distributing property and allow the parties to go their separate ways sooner rather than later.
If wedding bells will be ringing soon, schedule an appointment today and begin working on a prenuptial agreement. With help from a lawyer, it’s possible to ensure each party is protected no matter what happens in the future.
