Obviously, future spouses almost never go into a wedding with the end in mind. Divorce can be an uneasy topic to discuss, especially before tying the knot. However, with divorce rates as high as 50% in some areas of Kansas, it only makes sense to account for this possibility. When it comes to a high-asset divorce, a prenuptial agreement can be a literal lifesaver.
Also known as a premarital agreement, a prenuptial agreement in its simplest form is basically a private contract between two individuals before a marriage takes place. A prenup usually addresses how assets and liabilities are to be divided if a divorce happens. If one spouse has a high net-worth and will be bringing many assets into the marriage, a prenup can protect these assets and ensure that the assets are not split or lost in the event of a divorce.
Fortunately, prenuptial agreements can be tailored to fit the needs of both parties. The issue of spousal support is another way a prenup can offer protection in a high-net worth marriage. For example, if one spouse is a very wealthy individual, he or she may have to pay a significant amount in alimony in the event of a marital breakup. A prenup can stipulate the maximum amount of alimony or even allow an individual to eliminate any alimony right of a future spouse altogether.
Although it may not be the easiest thing to talk about prior to a marriage, a prenuptial agreement can prove invaluable, especially in the event of a high asset divorce. Consulting professional assistance will help Kansas residents determine whether a prenup is right for their specific situation and relationship. A knowledgeable and seasoned attorney can offer guidance and ensure that personal rights and financial interests are protected.
