On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Tuesday, June 7, 2016.
Divorce is a difficult process for couples of any income level, but it can be particularly complex for those who have substantial wealth. Many Kentucky couples see the benefit in a prenuptial agreement before marriage, which could eliminate certain complications in case of a high asset divorce. Nevertheless, having a prenuptial agreement in place is by no means an indication that a couple is planning to eventually divorce.
A prenuptial agreement exists to provide financial protection in case the marriage does end. Such an agreement typically outlines how property will be divided and what will happen to assets and wealth accumulated during the marriage. This can actually help avoid undue stress and the added cost of divorce litigation as certain complex matters will already be resolved.
This type of agreement is not just for the rich and famous. It is also beneficial for couples who own small businesses or expect a significant increase in income during their marriage. A prenup is also for those who simply want to ensure that premarital assets remain with their rightful owner if the marriage ends. The contract can be very detailed or simple, according to the needs and wishes of the parties.
A prenuptial agreement is simply an acknowledgement of certain possibilities, not an act that is tempting fate. Viewed by some as a form of insurance, a prenup can actually prevent a lot of unnecessary complications, especially during a high asset divorce. A Kentucky attorney can work with an individual to ensure that his or her financial interests are well represented in the drafting and execution of any premarital legal agreement.