The Importance of a Fair and Equitable Prenuptial AgreementBy Moskowitz Law Group, LLC |
Here’s the thing: no one spouse as the breadwinner really likes the idea of the one and only prenuptial agreement, an agreement establishing that the spouse must essentially ‘share’ liabilities and assets with the other in the event of a divorce. After all, if it just so happens that a divorce occurs, and you’re a businessperson with over $100K in assets, guess what – you have to, most likely, surrender half of that to the other who never lifted a finger to make that sort of living.
No matter how you look at it, though, a prenuptial agreement is essential to ensure not only that there’s fairness and equity between both parties, but more importantly, that if there are children present in the issue, the children are sufficiently provided for. A prenuptial agreement isn’t about one spouse ensuring that nothing bad happens in the event of a divorce. An agreement has to be made just in case anything does happen, and for the sake of fairness, a normal human being would consider just how drastic it would be to get divorced, leaving the other spouse to fend for himself or herself.
Financial wellbeing – that’s what it’s all about. It goes both ways, too, in that one spouse might have a ton of debt at the time of the divorce, but it was debt the single spouse amassed all by himself or herself. Why should the other spouse be held liable? That’s what a prenuptial agreement is for.
Let this be a piece of wisdom then. For all intents and purposes, married couples don’t expect to get divorced. To be fair, though, to both parties, it’s a wise idea to set up an agreement anyway – for both sides. Just make sure you, and your spouse, would have a lawyer present to ensure it all goes smoothly.