Kentucky residents may consider prenups for property division
It is not unusual for individuals to become attached to the property they acquire over the years. This attachment often leads to difficulties when it comes to dividing property during a divorce. However, a prenuptial agreement (essentially, a marriage contract entered into before the wedding) could help Kentucky residents streamline the property division process should the decision to move forward with divorce ever arise.
One category of property that people most often want to hold on to is their premarital property. These assets are ones that were obtained before the marriage occurred. Though in many cases such assets remain the property of the original owner, complications could arise if the names of both spouses are put on ownership documents after the marriage or the asset is otherwise commingled with marital assets. Therefore, individuals may wish to use a prenup to detail how their premarital property should be addressed.
Additionally, gifting items during a marriage could lead to certain complexities. Does the property belong to the individual who bought it or the person to whom it was gifted? Parties can also use a prenuptial agreement to come to terms on how gifts should be considered in the event that a subsequent divorce occurs.
Prenuptial agreements can have many benefits when it comes to property division and other aspects that may come about during a divorce. Therefore, it may be prudent for Kentucky residents to consider creating such documents before tying the knot. Interested parties may wish to speak with experienced family law attorneys who could provide valuable information on the uses of prenups and how these agreements could come in handy in the future.
Source: jaxdailyrecord.com, “Prenups are for women, too“, Heather Quick, Feb. 20, 2017