Wealthy entertainers and business people are not 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. In addition, such agreements can be helpful in protecting your Estate Plan in the event that you want to be certain that the children of your prior marriage will receive all of the assets that you want them to receive. 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, and in some cases Estate, planning. Though it might be unnerving for a couple on the verge of marriage to “plan” for divorce, and address issues that may arise upon death, creating a prenuptial agreement beforehand can facilitate an easier and more certain allocation of assets, debts, property and other elements that would be at issue in a possible future divorce proceeding or upon death.
A prenuptial agreement can help address a variety of potential issues that may arise if either or both spouses have accumulated significant assets or investments before marriage, and/or either or both have children from prior marriages or relationships. These issue may include:
- 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 certain assets or funds on deposit as separate, pre-marital property.
- A spouse’s desire to specifically identify and define non-marital existing and future assets that will be considered separate, non-marital property in the event of a future termination of marriage.
- Who will pay for what during the marriage, including bills, debts and personal spending.
- Whether income to be earned by one or both spouses work will be considered marital or separate property.
- Plans for the future, like whether property you and your spouse may 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 a future termination of marriage
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.