Most of us are familiar with the term ‘prenuptial agreement’, but how many of us truly understand what it entails and whether it’s a necessity? Let’s clear the fog surrounding this often misunderstood legal document.
The Basics of a Prenuptial Agreement
To start with, a prenuptial agreement, affectionately known as a ‘prenup’, is a legally binding agreement between two individuals intending to marry. This document primarily outlines how assets and debts will be divided in the unfortunate event of a divorce, separation, or death.
Who Needs a Prenuptial Agreement?
Contrary to popular belief, prenuptial agreements aren’t just for the mega-rich. If you have assets, debts, children from a previous relationship, or own a business, a prenup could be a strategic move to protect your interests. However, these agreements often do occur when one or both partners have many assets or properties.
Reasons for Establishing a Prenuptial Agreement
So, why do people really need prenuptial agreements? Here are three of the main reasons that people sign prenuptial agreements prior to getting married:
- Protection for Assets and Debts: A prenup allows you to safeguard your assets and protect yourself from your partner’s debts. This means that in the event of a split, you get to retain your assets, and you aren’t liable for debts that aren’t yours.
- Securing Children’s Inheritance Rights: If you have children from a previous relationship, a prenup can ensure their inheritance rights are secured. You can specify in the agreement what assets you wish to pass on to them.
- Shielding Your Business: For business owners, a prenup can act as a shield, protecting your business from becoming a contested issue in a potential divorce.
Decoding Prenuptial Agreements with Kendall Gkikas & Mitchell, LLP
While the benefits of prenuptial agreements are evident, the decision to get one is personal and depends on your individual circumstances. That’s where Kendall Gkikas & Mitchell, LLP comes in. Our team can help you navigate this complex decision. We will provide you with clear and comprehensive legal advice tailored to your situation. If you’re contemplating a prenuptial agreement, don’t hesitate to reach out to the legal team at Kendall Gkikas & Mitchell, LLP. With over 31 years of experience handling prenuptial agreements and divorce cases, you can rest assured that we have your best interests in mind. We’re here to provide you with the legal guidance you need. Give us a call today at 909-482-1422 to schedule an initial consultation where we will discuss your case.
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