Prenups could add protections for property division
It is common for people in Kentucky and across the country to ask themselves before marriage whether creating a prenuptial agreement would suit their circumstances. In cases where there is a considerable amount of wealth, prenups are often wise, as they can help protect that wealth but also make the situation fair in the event that divorce and property division take place in the future. However, anyone of any financial status may find a prenup useful.
It was recently reported that singer Justin Bieber had wed Hailey Baldwin and that the couple did not sign a prenuptial agreement. In this particular chase, Bieber is reported as being worth $265 million while Baldwin has a net worth of approximately $2 million. The two may not think they need a prenup because they expect their marriage to last, but in the event that it does not, Baldwin could collect a windfall later on.
Prenuptial agreements can help protect assets, but, as mentioned, they must also be fair. However, that fairness does not mean that the assets are divided equally. Individuals could come to terms that can allow an adequate amount of money or assets to go to an ex-spouse without having to give up a majority of one’s wealth.
In order to find the right terms for a prenuptial agreement or in order to determine whether one is desired, it may be wise for Kentucky residents to gain more information on this document. Understanding the benefits and laws associated with prenups may help a couple decide whether to move forward with creating one. Speaking with an experienced attorney regarding this type of protection and possible property division outcomes may prove useful.