Dividing Bank Accounts in a Prenuptial Agreement
Wealthy entertainers and businesspeople aren’t the only ones who can benefit from creating a prenuptial agreement that resolves common domestic and financial issues in the event that the marriage ends in divorce. If you want to draft a fair agreement that protects your assets prior to marriage, Cincinnati divorce lawyer John Heilbrun can represent your interests during the creation of a prenuptial agreement.
A prenuptial agreement is a form of divorce planning, as well as estate planning if you want to be certain your children from a prior marriage receive the assets you want them to receive. Though it might be unnerving for a couple on the verge of marriage to “plan” for divorce, or address issues that might arise upon death, creating a prenuptial agreement beforehand can facilitate an easier, more certain allocation of assets, debts, property and other elements commonly at issue during divorce proceedings or upon death.
Whether to maintain separate or joint bank accounts, and how the money in those accounts will be apportioned in the event of divorce, can depend on a number of factors, including:
- A spouse’s desire to protect his/her assets or property from being subject to equitable division by the court in the event of a divorce (Ohio divorce laws divide marital property and debt equitably, starting at equal portions for each spouse; a prenuptial agreement can protect your right to keep separate, non-marital property)
- A spouse’s desire to specifically identify and define non-marital assets, existing and future, that will be considered separate and non-marital property should the marriage be terminated
- Who will pay for what during the marriage, including bills, debts and personal spending
- Whether one or both spouses will work outside of the home
- Plans for the future, like whether property you and your spouse might buy in the future, such as a home, real estate, furnishings and other valuable possessions, will be considered marital, separate or mixed property in the event of the marriage terminating
Once you and your future spouse, along with your respective lawyers, have negotiated a contract you are both satisfied with, you will each sign and retain a copy of the prenuptial agreement should you pursue divorce and the court needs to review the agreement’s conditions.
To learn more about how an experienced Cincinnati divorce lawyer can help you draft a fair prenuptial agreement, please contact the Law Office of John Heilbrun or call 513-321-3940 today to schedule a consultation.