Very few couples plan to get a divorce when first getting married, but financial advisers say that getting a prenuptial agreement is in everyone's best interests. Rather than being subject to the laws of Tennessee or another state, couples can establish the terms of their divorce on their own independently. Prenups have become more common in recent years, and they are most popular in second marriages and with couples who have business interests.
When Tennessee students think about getting married, they may not think that prenuptial agreements may be useful for them. Many consider prenups to be a matter for people with significant family wealth or celebrity. However, in practice, these agreements can be a wise choice for people across the financial spectrum. Prenups have become more popular as many people choose to marry later in life. By the time many couples come together, they may already have children, including kids from previous relationships. They may have homes, own businesses or be well on the road to a lucrative career.
From Tennessee to Silicon Valley and beyond, divorce can be a difficult, messy process, especially when high-value assets are involved. Because marriage is considered a legally binding contract, the dissolution of the marriage often means that the contract becomes null, but the assets accumulated during the period of the contract are to be split as they were acquired during the contract period. To remedy this potential problem, some couples turn to prenuptial agreements before tying the knot.
When older couples get married in Tennessee, they often have financial concerns that younger couples don't. As a result, seniors who enter a "gray marriage" may consider taking legal steps that can protect their financial interests and solidify their estate plans.
When you think that a divorce is imminent, you should start taking steps to protect your business. You might think that it is unnecessary to do so, but the reality is that your business could be in danger, even if the other person doesn't do anything with it.
Prenuptial agreements may be an effective tool for Tennessee couples who are looking to define the terms of their relationships. However, changes to the tax treatment of alimony may alter the discussion as it relates to what should be included in a specific agreement. Of course, alimony should be just one part of the financial talks that take place prior to negotiating and signing such a pact.