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How a prenup can help people plan for the future

| Nov 25, 2019 | Family Law |

Over the years, many people in Wisconsin have pushed aside the notion of a prenuptial agreement. They may think that prenups are solely a matter for extremely wealthy people or celebrities, or they consider that it is bad luck to plan for a divorce before a marriage. However, while marriage is a romantic affair, it is also a complex legal and financial process. By marrying, people establish a set of legal obligations and rights to one another, and their marital property will be divided in case of a divorce. With many more people choosing to marry after they have already established careers, bought real estate or developed their investments, prenups are becoming a viable solution for a larger number of people.

Under the law, some property is considered separate while other types of property are considered marital property. In general, the things that people bring to the marriage are considered separate while those that accumulate during the marriage are considered marital and subject to property division in a divorce. Those items are subject to equitable distribution in family court, which is not necessarily equal. However, there are several ways that separate property can essentially become marital property over time depending on how it is treated by the couple.

A prenuptial agreement gives individuals a greater sense of control over their assets. They can determine how specific types of property will be interpreted by the court. In addition, they can plan for future issues like spousal support at a time when both spouses feel loving and generous toward one another.

In order to be upheld in court, both parties should be represented in the planning of a prenup, and it should provide benefits to both. A family law attorney may work with a person planning for marriage to negotiate a fair prenuptial agreement that protects key assets.