Family Law Specialist Matt Arnold answers the question: “How Can I protect myself from my spouses spending habits?”
Prenuptial agreements often have a bad reputation. Marriage is “supposed” to be the union of two people who are in love and want to be married forever. When a prenuptial agreement is discussed, people often think of one spouse who is financially better off protecting his or her money in the event that the marriage ends in divorce. They think that it is a sign that the marriage will not last or be successful. This is not true. A prenuptial agreement (“prenup”) is a contract entered into before marriage that will serve as a guide in the event that a divorce happens. While people do not want to think that their marriage will end someday, it is smart to plan for all contingencies and possibilities.
Oftentimes, one spouse will bring more debt into the marriage than the other. This could be student loans, credit card debt, or any other debts accumulated. Without a prenup, the spouse without the debt could potentially become liable for the debt brought into the marriage by the other spouse in the event of divorce. A prenup can account for these debts and outline who will be responsible for them after the marriage ends.
Protecting Assets
A spouse who is set to receive a large inheritance might want a prenup so that the assets or property remain with the spouse who is set to receive them. If inheritance, property, and assets are not accounted for in a prenup, there is the possibility that the assets will be lost to an ex-spouse.
Protect Children
Not everyone getting married is getting married for the first time. As such, many people who are remarrying might have children from prior marriages. A prenup can account for the assets that are going to be passed on to your children or any other financial plan that is in place for them.
Protect Income
If one spouse earns substantially more than the other, an issue that arises after divorce is spousal support payments. A prenup can put a limit on support payments and set a time limit for payments that will be made to an ex-spouse after a divorce.
Speeding Up the Divorce Process
While no one enters into a marriage with the intention to get divorced, it happens. A significant percentage of marriages end in divorce. Therefore, it is not unreasonable to be realistic about the current marital climate and prepare for contingencies. If a divorce does occur, a prenup will speed up the process substantially. Divorces can take a while to settle because the couple cannot come to an agreement about finances, assets, and the like. A prenup eliminates some of those issues by stipulating what will happen with some, if not all, of the assets.
If you have questions about prenups, contact the family law attorneys at Arnold & Smith, PLLC. We advocate for preparing for the future and for the unknown. Contact us today to get your questions answered and a prenuptial agreement on the table. Contact us today for a consultation. If you find yourself facing a complicated family law matter and need the help of experienced family-law attorneys in or around Charlotte, Lake Norman, or our new office in Monroe (by appointment only until 2019), please contact Arnold & Smith, PLLC today at (704) 370-2828 or find additional resources here.
The family law practice group at Arnold & Smith, PLLC includes two Board-Certified Family Law specialists and one Child Welfare Law specialist, as well as several attorneys with many years of family law experience that are committed to providing a powerful voice to individuals facing the often-tumultuous issues in this area of law. The range of issues our family law clients may be facing include pre- and post-nuptial agreements; separation agreements; post-separation support; child support (both temporary and permanent); absolute divorce; divorce from bed and board; military divorce; equitable distribution of assets; child custody (both temporary and permanent); retirement benefits and divorce; alimony and spousal support; adoption; and emancipation. Because this area of the law is usually emotionally charged and complicated, the family law attorneys at Arnold & Smith, PLLC act with the utmost dedication to ensure that each client understands his or her options, and then act to achieve the best result possible for that client’s particular situation.
Source:
https://www.ncleg.net/EnactedLegislation/Statutes/PDF/BySection/Chapter_52B/GS_52B-4.pdf
https://www.ncleg.net/EnactedLegislation/Statutes/PDF/ByArticle/Chapter_50/Article_1.pdf
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