Many Connecticut residents who are preparing for marriage consider signing a prenuptial agreement. When properly executed, these agreements can protect property and save a lot of headaches and expense should the couple later divorce. The thought of these agreements makes some people uncomfortable, because people who are getting married don’t want to contemplate the possibility that they will later split. However, these agreements can help ensure that both parties are entering a marriage with a clear picture of their finances and the consequences they will face if they decide to end the marriage.
One of the main purposes of a prenuptial agreement is to agree in advance to how the marital property will be divided in the event of a divorce. This can be important for all kinds of people, but for those whose livelihood depends upon a specific property, it can be crucial. For instance, if one of the parties owns a business, depending upon the circumstances, that person’s spouse may have a claim to part of that business should they later divorce. Unless the parties want to be co-owners after the divorce, one will likely have to buy out the other’s share. To do this fairly, the parties will have to get professionals to determine the business’ value and then make that value part of settlement negotiations.
Our attorneys at BRODER & ORLAND LLC are experienced in drafting Premarital Agreements that are likely to withstand future legal challenge.