Lose Money or Save Money – What is Your Choice?
Do you ever think of your wealth and assets? May be your boyfriend or girlfriend are marrying you for them. What, if you lose all your assets after getting married or divorce?This is an important question in Europe and America before going to knot in a marriage tie.
As the divorce rate in America, Europe and South Africa is increasing day by day, the importance of assets and wealth get major concern these days. What if you lost your entire property, wealth, bank balances and all assets after getting married? It is not a joke man. It is reality, a clear reality in itself. It is observed that a large number of married couples are facing this wealth loss issue after divorce.
To avoid this, all you need is a prenuptial agreement. Many couples think it as a sin or shameful thing which may lead to destroy trust. May be one party has issues by signing a prenuptial agreement. Don’t think it as a bad thing to do or by signing a prenuptial agreement, you will enter into your marriage with doubt. Why not just save your money in case of divorce or any trouble making issues?What exactly is prenuptial agreement?A prenuptial agreement is an agreement between two people that deals with the financial consequences of their marriage ending.
How important is a prenuptial agreement in your marriage:All marrying couples have a “prenuptial agreement” – it is known as “divorce law.” However, a lot of people are unhappy with the way divorce law works, and prefer to take control of their lives, rather than leave it in the hands of the government.
Why use prenuptial agreement:??? You are much wealthier than your partner??? You earn much more than your partner??? You are remarrying??? Your partner has a high debt load??? You own part of a business To prevent your spouse from overturning your estate plan??? You are much poorer than your partner??? If you plan to quit your job to raise children
Prenuptial agreement can deal with the following:??? division of property on divorce??? whether particular items are considered community property or separate property??? ownership of the marital residence??? responsibility for premarital debts??? distribution of property on death (although you also need to update your estate planning documents to reflect his)??? alimony obligations??? financial responsibilities during the marriage??? under which state’s law the prenup is (otherwise it will be the state of the divorce, and not the marriage)??? how disputes about the prenup are to be resolve (for instance through mediation or arbitration)??? sunset clause – many couples allow that their prenuptial agreement will not be valid if they are married for a certain number of years
Things to avoid in a prenuptial agreement:??? custody of the children (this includes things such as in what religion to raise the children, their schooling, etc.??? visitation to the children??? child support??? anything “illegal” (as with most contracts)??? anything “unconscionable” (unfair)??? anything that is thought to encourage divorce
How much it cost to make a prenuptial agreement:The cost of a prenuptial agreement is also based upon the complexity of the couples’ finances and the amount of negotiation necessary to reach an agreement. There may be additional costs if it is necessary to hire an appraiser to value a business, collectible property (such as art), or real estate property.
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