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January 2018 Archives

Many people can benefit from a prenuptial agreement

Business owners, those who have just gotten remarried and those who have relocated may all benefit from a prenuptial agreement. This goes against the idea that Tennessee residents should only have one if they are rich. Those who are expecting to receive an inheritance may want to account for it through a prenuptial agreement just to add an extra layer of protection against losing it in a divorce.

Myths about prenuptial agreements

Tennessee couples who are getting married might want to consider a prenuptial agreement. Because the average age at marriage is rising, people are more likely to bring significant assets into the marriage. A prenup can help protect those assets, but some people may believe myths that keep them from getting one.

What goes into a prenup

Tennessee couples who are planning to get married may consider completing a prenuptial agreement before doing so. However, it is important that they are aware of what can be included in the legal documents. State law governs how separate property and marital property are distinguished from one another. When a marriage ends by divorce, a court will use the principle of equitable distribution when dividing up marital assets. A valid prenuptial agreement could contain a provision that would override that.

The benefits of a prenuptial agreement

A prenuptial agreement may provide many benefits for Tennessee residents who are planning on getting married. For instance, it may be possible to determine how assets will be divided during a divorce before a couple says their wedding vows. It may also help to make sure that a person doesn't take on the debts of his or her spouse. It can even be used to decide how property will be handled if one person dies.

The difference between marital and separate property in a divorce

Unless you have an ironclad prenuptial agreement on record or your divorce is uncontested, there are often many uncertainties involved with filing for divorce. If you have children, you may worry about how the courts will divide custody and parenting time. You will also need to consider how the courts will divide your assets.

Why people may consider a prenuptial agreement

In the past, Tennessee residents and others may not have made much use of the prenuptial agreement. However, it has become more popular among Millennials, and women are asking for them in larger numbers in recent years. One of the reasons why these documents are more popular today is that people tend to have assets prior to getting married. Therefore, individuals prefer to have a way to protect those assets if the marriage doesn't work out.

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