815 Orienta Ave. Suite 1030 Altamonte Springs, FL 32701
815 Orienta Ave. Suite 1030 Altamonte Springs, FL 32701
Prenups have a terrible reputation. Most people believe these contracts are just for rich people to marry for money, but this is an incorrect assumption that stops them from receiving their benefits. Frank Family Law is an entrusted and dedicated family law practice in Orlando, willing to oblige when expert guidance is critical. Here are four benefits of getting a prenup.
Whether a large corporation or a small mom-and-pop store, it is paramount to protect your business. Your business is considered an asset split under standard divorce cases when you marry. This condition means that your partner could claim half or more of your business in a divorce. As a consequence, you may lose your life's labor and livelihood. With a prenup, your business will stay out of the reach of your divorce settlement. It remains in your care and is not deemed a dividable asset in divorce court.
Most couples don't evaluate how kids from prior marriages might impact their economic situation tomorrow. A prenup helps defend those children in the circumstance of your demise. If you marry somebody without a prenup, your assets will belong to your surviving spouse. Depending on your children's ages, they could entirely miss out on your estate and assets. Once you are dead, your partner can reallocate your assets to their chosen beneficiaries, leaving your kids with nothing.
One spouse having significant assets is the most common reason for a prenup. Most individuals wrongly believe that a prenup is established on covetousness or greed to defend your investments under these circumstances. Nevertheless, it can be rather advantageous. Prenups allow the loftier asset partner to comprehend that their mate marries them for love, not money. It also aids the marrying spouse in managing anticipations and making an informed decision about the union.
It's necessary to mention that this does not imply that the asset-holding partner will get all of the belongings and funds in the divorce. During divorce proceedings, the couple can still divide the assets acquired throughout the marriage. A prenup also does not deter either partner from eligibility for alimony.
It is essential to examine finances with your partner before marriage to decide if either partner has significant debt owed to a loan officer, bank, or credit institution. Most partners do not marry with identical burdens of debt. If either of you has substantial debt, a prenup protects the other from responsibility for the debt if their spouse perishes or fails to pay. When the obligation represents considerable capital, this is enormous security.
It is also crucial to mention that debt is assessed during divorce proceedings. Knowing that debt is regarded means that if your partner comes into the union with substantial debt and you divorce, that debt may become your obligation too. Prenups can prevent this by guaranteeing the debt stays the obligation of the individual who incurred it. Then, if that person perishes or you divorce, the responsibility is either disbanded or becomes the burden of the next of kin.