A prenup could prevent contention in high asset divorce

Although nobody wants even to give a thought to divorce while planning a wedding, more and more young adults recognize the importance of a prenuptial agreement. Life is full of twists and turns, and even a couple with few assets at the time of the wedding may build up a substantial estate that may have to be divided in a high asset divorce sometime in the future. Soon-to-be married individuals in Kentucky will likely understand that such an agreement serves to protect the interests of both spouses -- not only in the event of a divorce but also if one spouse should die before the other.

When it comes to timing, a prenup is best discussed and drafted well in advance to ensure the final signing does not take place on the eve of the wedding. A court may suspect coercion or manipulation if the date on the document is close to the marriage date. Each party will have to take inventory and list the assets that will be brought into the marriage. This will also be a way to protect the interests of children from a previous marriage, and also to record each spouse's interest in jointly owned real estate and businesses.

Once the existing assets are listed, it is important to look ahead because a prenuptial agreement can also protect what they expect to acquire, such as an inheritance. If one spouse plans to work to put the other one through college, the agreement can specify how the working spouse will be compensated. Almost anything can be covered in a prenup, including who will get the dog in the event of a divorce. Rights to a spouse's inheritance can be waived, and the way finances and chores will be handled can be included. However, anything related to child support or other child-related issues will be for the court to decide.

Knowing the rules under Kentucky family law can ease the process, and the most appropriate manner to approach this may be for each spouse to hire an attorney to provide the necessary support and guidance. Along with the protection of each party's interests, a prenuptial agreement serves to avoid disputes during a marriage and in the event of a divorce. A well-drafted marriage agreement can prevent much of the contention that is often associated with any high asset divorce.

Source: kiplinger.com, "A Primer on Prenups", Jane Bennett Clark, Accessed on Aug. 19, 2017

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