When many Ohio residents who are planning to get married hear the term “prenup,” they may immediately assume that prenups are only for those who have significant assets, especially since they can add to the cost of getting married. However, prenuptial agreements can help protect both individuals’ interests in the event that a divorce occurs down the line.
Essentially, when a couple decides to get a divorce, each former spouse will be required to make a list of income, expenses and assets in addition to liability disclosures. If listing all of the assets and liability disclosures is completed before the marriage, there is a possibility that the amount of arguments that may occur during the divorce is significantly reduced. If a couple is intending to get married but has already commingled assets and finances due to cohabitation, the prenuptial agreement gives a chance to determine what belongs to whom while both individuals are in a good place with each other.
It is often recommended that married couples continue to provide disclosures of their assets and debt, especially once the couple begins building careers or starting a family. This prevents large credit card balances, major gambling losses or other debt issues to pile up on an unsuspecting spouse. In the event of a divorce, having the paper trail can help protect the innocent former spouse against the debt.
If a former couple decides to get a divorce but did not sign a prenuptial agreement, even amicable divorces can become difficult, especially if the couple has gained a number of assets or had kids during the course of the marriage. A family law attorney may help a former spouse with dividing up the assets and any debt that resulted from the marriage. Additionally, the attorney may assist with finding assets that the other former spouse attempts to hide if the divorce has become contentious.