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Prenuptial Agreements are useful regardless of income

In the early stages of a long-term relationship, couples in Tennessee and all over the country may be loathe to contemplate how to go about divorce proceedings in the unfortunate event of the dissolution of marriage. But being prepared for such a situation will come in handy should the day arrive to split assets and decide who is responsible for debts incurred both before and during the marriage. 

A prenuptial agreement is not a contract strictly for the wealthy who wish to remain that way. The usefulness of such an agreement extends to student loan debt, business acquisitions, inheritances, trusts, property division and any other assets or liabilities obtained or incurred by a spouse.

Whether or not either spouse has any assets going into the marriage, a prenuptial agreement can protect all future earnings and the financial security of children from other relationships in the event of a spouse's passing. For example, spouses have specific rights and claims to life insurance policies and retirement accounts. A prenuptial agreement can bypass these claims and see to the well-being of persons outside of the marriage. This would require certain parties to waive their rights to specific assets, but as you can see, the protection and security of these measures extends far beyond the realm of the super wealthy. Having a solid and well-thought-out prenuptial agreement can prevent drawn-out legal battles and allow divorce proceedings to happen smoothly and fairly.

Because divorce law is constantly changing, even with a prenuptial agreement in place, both parties are wise to hire a divorce attorney to either help with the legal paperwork, assist with asset division negotiations or to make child custody arrangements go more smoothly. Divorce lawyers can help simplify the process and help each party come to reasonable agreements once they have decided to part ways.

Source: The Huffington Post, "Prenups: Not Just for the Wealthy," Jason Marks, April 25, 2013

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