Use prenuptial agreements for asset protection

Prenuptial agreements are becoming more commonly used among engaged couples, prompting Connecticut couples to wonder if one might be right for them. In the past, prenuptial agreements were most commonly used in cases where one party was significantly wealthier than the other. But now, with divorce rates fairly high and many women serving as breadwinners of the household, more and more couples are using prenups as asset protection. They are looking to protect their businesses, family heirlooms, future inheritances, bank accounts and other assets should their marriage end in divorce.

Prenuptial agreements are powerful tools that can prevent the other party from taking away important assets in a divorce, especially if the parties were previously married. For example, a prenup can ensure that children from a previous relationship receive an inheritance in the event of the parent’s death. Because many people come into a second, third or subsequent marriage with numerous assets, a prenup can also ensure that these assets and the marital property are kept separate.

Prenuptial agreements can do many things, but they can’t grant every wish. For example, they cannot determine child support, child custody or alimony because these are decisions that must be made by the courts. They also cannot encourage divorce or illegal activity. Although prenuptial agreements typically cannot discuss personal matters, some do, and it’s in the court’s discretion to decide whether or not to respect this type of language.

Although marriages are supposed to be based on love, they can cause a lot of financial damage should they end. A nasty divorce can cause a person to lose half of the assets they worked so hard to attain. Prenuptial agreements can prevent this from happening by outlining the division of assets before the marriage even takes place, causing less stress in a divorce.