Throughout their lives, most Alabama residents have likely accumulated a number of assets. Some of those assets may have a high monetary value while other pieces of property may hold more sentimental value. Whatever the reason a person has for holding on to those items, most individuals want to protect their assets. Because of this reason, the idea of going through divorce could cause considerable concern.
Luckily, individuals can work to protect their property before they even tie the knot. Creating a prenuptial agreement gives parties the opportunity to determine how their property should be divided in the event that they end their marriage. Having this document in place could help property division proceedings move forward more quickly in the event that such a process is necessary.
This agreement could also help protect individuals in a variety of ways. If parties own businesses, they could stipulate in their prenup that the non-business spouse does not have to have financial dealings with company transactions. Another scenario in which a prenup could prove beneficial is if a person is marrying for the second or additional time and wants to protect assets for children from a previous marriage.
No matter the specific conditions of a relationship, a prenuptial agreement could be tailored to suit the needs of the couple. Even if individuals do not believe that they will divorce, having the agreement in place could help act as a safeguard for the possibility of ending the marriage. In order to create an effective and beneficial agreement, interested Alabama residents may wish to find out more information on this type of document from knowledgeable legal professionals.
Source: lexology.com, “Premarital agreements: more than just a divorce document“, Leonce Richard, Nov. 3, 2017