Prenups may help with high asset divorce concerns in Kentucky
When some Kentucky residents consider the idea of marriage, they may see it as an event that blends all aspects of two lives together. However, that does not necessarily have to be the case, especially when it comes to finances. Because some parties may have worries about the possibility of a high asset divorce, choosing not to combine certain assets may prove wise.
In order to dictate how property will be viewed during marriage and in the event of divorce, many people utilize prenuptial agreements. These documents can have a variety of uses and benefits, and for parties wanting to protect their assets, it may be the best course of action. Indeed, many individuals in the millennial generation have taken to the idea of creating these agreements.
The assets that these documents could protect may encompass already accrued property, such as businesses or real estate, and they can dictate terms that protect future earning as well. Additionally, these documents can also address debt liabilities. Because it is not unusual for marrying individuals to have different spending habits and levels of debt, parties could utilize their prenups to ensure that one person does not get stuck with the burden of the other individual’s debt.
Prenuptial agreements could prove handy when it comes to high asset divorce in particular. The stakes are often high for individuals with substantial wealth, and protecting that wealth is commonly a priority. If Kentucky residents would like to ensure that they take the proper steps to prevent property division issues, they may wish to speak with their legal counsel regarding options.
Source: sentinelandenterprise.com, “Why today’s couples seriously consider a prenup“, Jonnelle Marte, Aug. 20, 2017