The Reasons to Get a Prenup: They Aren't Just for the Wealthy

A prenuptial agreement is simply an agreement between two people that states which assets belong to which person when entering a committed relationship.

2012-09-20

September 20, 2012 (Press-News.org) The Reasons to Get a Prenup: They Aren't Just for the Wealthy

Celebrity engagements are almost as popular online reading as celebrity breakups. From speculation on whether Facebook founder Mark Zuckerberg obtained a prenup before his recent marriage to how much Kim Kardashian saved in her prenup with Kris Humphries, prenups are popping up more and more in headlines.

Most people would agree that celebrities are wise to enter into prenuptial agreements. But prenuptial agreements are not just for celebrities or the rich.

A prenuptial agreement is simply an agreement between two people that states which assets belong to which person when entering a committed relationship, and how those assets will be divided in the event of a dissolution. Even if neither person has extensive assets, it can still be worth it to enter into a prenuptial agreement. Some of the most prominent reasons to obtain a prenup include:
-To gain a solid financial understanding of all the couple's assets: Rather than having an incomplete financial picture, a prenuptial agreement lays out the couple's finances and encourages financial planning.
-To insure against divorce: Nobody wants to have to use insurance, but unexpected and unwanted events happen in life -- and a prenup can save thousands of dollars in court costs, along with emotional stress to boot.
-To protect children: Those entering marriage who already have children can ensure that their children will receive their rightful inheritances.
-To protect a business: Even if a business was started before a marriage began and run by only one spouse, in a divorce the business ownership could potentially be split between spouses.
-To protect legally unmarried couples:Cohabitation agreements are essentially prenuptial agreements that can provide people in unmarried but cohabitating relationship certain rights, such as monetary support, in the event the relationship ends.

Much of what is agreed to in a prenup depends on the circumstances of the couple, but they are flexible financial documents that encompass a wide range of possibilities. While child support and custody cannot be included in a prenup, what will happen after divorceregarding spousal support, the division of assets and retirement plans can all agreed upon.

If you are interested in establishing a prenup, contact an experienced family law attorney to discuss your situation and determine what is right for you.

Article provided by Borgerding, Peterson, Burnell, Glauser & Allred A Professional Corporation
Visit us at http://www.ec-law.biz

ELSE PRESS RELEASES FROM THIS DATE:

Environmental Provisions in a Commercial Lease

2012-09-20

Environmental Provisions in a Commercial Lease Both landlords and tenants can benefit from "green" provisions in a commercial lease. An owner with environmentally friendly commercial space is more likely to attract high-value tenants and receive federal, state or utility company aid or incentives. A tenant can benefit by better worker health and productivity, as well as showing environmentally responsible practices to customers, clients and investors. Both owners and tenants can benefit from lower utility bills. The numerous reasons to invest in a green commercial ...

White Collar Crime in Indiana on the Rise

2012-09-20

White Collar Crime in Indiana on the Rise Law enforcement agencies in Indiana and across the U.S. have found themselves investigating more suspected white collar crime than in the past. Police are putting more resources toward sifting through boxes of documents looking for evidence of embezzlement, mortgage fraud, insurance fraud, health care fraud, bankruptcy fraud and other financial crimes instead of patrolling the streets. People cite a variety of reasons for the rise in white collar crime, and these crimes are often difficult for law enforcement to handle. Reasons ...

Indiana Laws About Driving Under the Influence

2012-09-20

Indiana Laws About Driving Under the Influence Lawmakers across the country are focusing more on drinking and driving. While the legal limit for intoxication has decreased, penalties for driving under the influence are increasing. Police forces are stepping up their enforcement of DUI laws. Indiana is no exception to the trend of cracking down on drinking and driving. Drivers in Indiana should be aware of the state's laws on DUI and the potential penalties they face for conviction of DUI charges. Blood Alcohol Concentration Indiana law prohibits people from operating ...

Proposed Drug Tax in Connecticut May Increase Drug Busts

2012-09-20

Proposed Drug Tax in Connecticut May Increase Drug Busts Earlier this spring, a public hearing was held in Connecticut regarding a little-known state tax that affects anyone arrested in a drug bust. In 1991, Connecticut passed the Marijuana and Controlled Substances Tax, which taxes marijuana at a $3.50 per every gram obtained in a drug bust, and $200 per gram cocaine and heroin. The state can collect the tax immediately upon arrest and the money is put into the state General Fund. However, the state has not regularly been collecting this tax against the alleged ...

Penalties for Marijuana Possession in Texas

2012-09-20

Penalties for Marijuana Possession in Texas Penalties for drug possession in Texas are among the harshest in the country. In Texas, possession crimes come under the state's Controlled Substances Act. Prosecutors must show beyond a reasonable doubt that a defendant knowingly and intentionally possessed or had control over a drug. Penalties for drug possession can vary depending on the drug in question. Marijuana possession is typically in an independent category known as a "Class B" misdemeanor. For possession of less than two ounces, it is punishable by ...

Penalties for a Texas DWI

2012-09-20

Penalties for a Texas DWI Texas law presumes that drivers operating a vehicle with a blood alcohol concentration of 0.08 or more are too intoxicated to drive. Anyone pulled over with a BAC above this amount will be arrested on charges of driving while intoxicated, or DWI. In addition, drivers who are impaired due to alcohol or drug use may be subject to DWI charges even if a driver's BAC is lower than 0.08. Texas law broadly defines intoxication as "not having the normal use of mental or physical faculties by reason of the introduction of alcohol, a controlled ...

Maritime Industry Voices Concern Over Understaffing and More Paperwork

2012-09-20

Maritime Industry Voices Concern Over Understaffing and More Paperwork On April 26, 2012, representatives from the maritime industry testified at a hearing before the House of Representatives Subcommittee on Coast Guard and Maritime Transportation. They were trying to bring congressional attention to two major problems facing the maritime industry: understaffing of ships and increasing paperwork requirements. They called on Congress to take action to address these issues and help reduce the number of maritime accidents and injuries to workers. More Rules, Fewer Sailors Ship ...

How to Divide Retirement Benefits After Divorce

2012-09-20

How to Divide Retirement Benefits After Divorce Retirement benefits are a large portion of many Americans' assets. For many, a 401(k) or IRA is the single largest asset to their name. This is especially true for workers who have had time to accumulate a large portfolio. However, even younger workers likely have thousands of dollars in a retirement account. Complicating retirement benefits for many baby boomers is divorce. Older couples are increasingly divorcing; approximately one in four divorcing couples are over age 50. Unfortunately, dividing retirement benefits ...

Chapter 7 Bankruptcy: An Overview

2012-09-20

Chapter 7 Bankruptcy: An Overview Chapter 7 of the U.S. Bankruptcy code allows debtors to petition a bankruptcy court to discharge, or cancel, much of their debts. This form of bankruptcy is available to individuals as well as certain types of business entities, including partnerships and corporations. In order to qualify for Chapter 7, individuals must meet a "means test." Those wishing to file Chapter 7 must issue a statement of their income for the previous six months immediately before filing the bankruptcy petition. In addition, individuals must provide ...

Unique Minneapolis Court Aims to Help Unmarried Parents

2012-09-20

Unique Minneapolis Court Aims to Help Unmarried Parents About one-third of all newborns in Hennepin County are born to unmarried parents. That means the parents of approximately 5,000 newborns each year must figure out paternity and custody matters without the formal protection that marriage affords to parents. Family courts can be difficult to navigate for unmarried parents. If parents are divorcing, the court is well equipped to handle custody matters. Married men are assumed to be the fathers of their wives' newborns, and are automatically given the rights and ...