Those who like to plan for the unexpected might also be interested in protecting themselves from one possible outcome of marriage — divorce. After all life is complicated, and divorce is certainly no exception. Ohio couples who get prenuptial agreements before marrying might be better prepared to face difficult obstacles, such as complex property division. Here are a few reasons one might want to consider a prenup.
Although it might be a played-out stereotype in movies, someone with family wealth can benefit greatly from a prenuptial agreement. This is especially true when that wealth is tied to a family-owned business that generates ongoing income and wealth. Although an individual may feel as if his or her family are the ones pushing the prenup, it is usually because they understand all that is on the line.
Business owners also have plenty to protect, even if they are bringing more debt than anything else to the marriage. Businesses always have the chance to succeed, which means that a small startup can grow into something much larger over time. Without protections in place, a spouse who did not contribute to a business could still be entitled to a portion of its assets.
With a few exceptions, income and assets acquired during a marriage are considered marital property. Sorting out family wealth, business assets and more creates an environment for complex property division that is not always easy to untangle. A carefully-worded prenuptial agreement can help avoid this situation by clearly stating what property is separate, and what is marital. To make sure that both of their rights are protected, couples should also consider speaking with an Ohio family law attorney before signing anything.