Dividing assets in a divorce is a difficult task. From property valuation to dividing complex assets, property division can be both a time consuming and costly process, especially when couples disagree. Fortunately, it is possible to streamline the process as well as ease some of the burdens on everyone involved. Minnesota readers may find the following blog on complex divorce asset splits and prenuptial agreements interesting.
While most readers likely have a basic understanding of prenuptial agreements, a prenuptial agreement is essentially a contract between two people who intend to marry that addresses a variety of very important family law legal matters that might arise, should the marriage end. This can include alimony considerations, and the distribution of important assets, as well as the allocation of debt and important business interests.
In addition to protecting property and allocating interests in various assets, in case of a divorce, prenuptial agreements are also seen as an important estate-planning tool. This is especially true when a spouse has children from a prior marriage. In such cases, the spouse can address how assets that would otherwise be distributed to their spouse should be distributed, thereby supplementing other estate planning documents.
While there is a lot that can be accomplished with prenuptial agreements, there are also certain limitations. For instance, a couple cannot include clauses in a prenuptial agreement that address child support or child custody issues. In addition, courts generally dismiss agreements that try to dictate personal behavior. How a court will deal with an agreement that includes these clauses, however, depends on a variety of factors.
Source: The Huffington Post, "Unpacking Prenuptial Agreements," Caroline Choi, Jan. 31, 2014
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