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Protect your finances and kids with a prenuptial agreement

| Jul 1, 2020 | Divorce

Prenuptial agreements do not have the best reputation in Kentucky, which is a bit unfair. These useful planning documents have been vilified in all types of media, from movies and TV shows to gossip columns in magazines. These portrayals often overlook the innumerable benefits while focusing on perceived — and generally unjustified — negatives. Consider some of the following reasons for getting a prenuptial agreement.

It is true that divorce can negatively impact one’s financial situation, but a little forethought and planning can minimize that effect. A prenuptial agreement is excellent for this as it gives couples the ability to negotiate certain terms of a possible divorce while they are still on good terms with one another. With important issues already out of the way, the divorce process can proceed much more quickly and avoid financial pitfalls, like expensive and drawn out litigation.

Bringing a child into a marriage is another important reason to consider a prenup. Upon death, a parent might assume that a child will automatically have the right to inherit a portion of his or her assets, or at the very least to assets that he or she acquired before saying “I do.” In the absence of a prenuptial agreement stating otherwise, it is much more likely that his or her surviving spouse will have the right to a significant chunk of the estate, leaving a child without much — or any — inheritance.

These are only two among many reasons for creating a prenuptial agreement. Other examples include protecting business assets or inheritances, which are easy to accidentally comingle with marital assets. Making sure that all areas of concerns are fully addressed and that both parties are happy with the resulting agreement is also important, so taking the time to learn as much as possible about this process is a good idea. Some people do so by speaking with an attorney who is knowledgeable in Kentucky family law.