What are prenuptial agreements for?
Individuals today have certain assets that they’ve acquired or accrued prior to their marriage that they would like to protect in certain circumstances such as divorce, legal separation, or even the death of their spouse. These assets may include business interests, an anticipated future inheritance, but more commonly consists of real estate, savings, retirement, pensions, and/or 401k accounts. No one gets married with the intention of ever having to go through divorce, but the reality is that divorce happens. Unfortunately when divorce happens, what usually follows is a prolonged legal battle over who gets what, with hefty legal costs, and capped off with a final decision made by a family law judge as to how your marital property will be divided (HINT: it may not always 50/50 or right down the middle).
As a result, couples will often choose to opt for prenuptial agreement (also referred to as “prenup agreement” or “premarital agreement” or “antenuptial agreement”) prepared and signed prior to their marriage in order to ensure that they will be able to walk away with the assets that they spent their sole time, energy, and effort in obtaining, while limiting the emotional strain of appearing in court for divorce proceedings, as well as the likelihood that thousands of dollars will be spent on unnecessary legal expenses.