The Importance of a Prenuptial Agreement in the Event of Divorce

People usually enter marriage after they have established their professional life to ensure financial stability, especially during the first months of marriage. Despite the decision the couple will make to willingly share all their individual assets and properties with each other after marriage, many still find it wiser to enter into a prenuptial agreement first. Though there is no real intent of contracting divorce in the future and that separation or divorce would be the last option if the marriage turns sour, a prenuptial agreement will prove totally helpful as it will protect the interest of both spouses. Aside from that, it will also help greatly in settling divorce-related issues, such as alimony, child custody, visitation rights and division of debts.

A prenuptial agreement is primarily intended to save both spouses from financial and personal losses that will render them economically unstable in case of separation, divorce or even death of one of the spouses. Thus, its drafting can be adapted according to you and your spouse’s unique situation and relationship.

Though a prenuptial agreement can never be a romantic topic to discuss with your future spouse, talking about its importance and in mature and perfectly candid ways is necessary. In fact, lawyers and financial experts consider such agreement as wise financial moves. In his book Premarital Agreements, lawyer and an author Joseph P. Zwack gives tips on who should consider entering into such agreement. According to him these people are those who:

  • have assets like a home, stock or retirement fund
  • have a business
  • may be receiving an inheritance
  • have children and/or grandchildren from a previous marriage
  • are much wealthier than their supposed-to-be spouse
  • have loved ones who need to be taken care of, such as elderly parents
  • have or are pursuing a degree or license in a potentially lucrative profession
  • see a substantial increase in income due to growth of business or more promising career

For those about to enter into marriage, a prenuptial agreement is no longer an odd thing, but to make sure that you have the right agreement drafted it is wise that you have knowledgeable and experienced divorce attorneys working on your behalf. Save yourself from costly legal battles in case of separation or divorce; hire a divorce attorney for a prenuptial agreement that will suit your interests.

 

Financial Considerations for Late-Life Divorces

When a marriage has lasted for many years, divorce can often be more difficult than it would be for a couple whose relationship has been shorter-lived. In these situations, a divorce is often a life-changing event, one which will dramatically impact nearly every aspect of the lives of both spouses. This is particularly true in regards to financial matters.

Married couples, particularly those who have been together for a long period of time, often share most or even all of their finances, and most of the property held by a married couple is held jointly, meaning that neither partner is fully in ownership of most of their belongings. Furthermore, debts, mortgages, and other financial issues are also commonly held by both partners. In these circumstances, a divorce settlement that is satisfactory for both spouses can be an incredibly complex thing to achieve.

In addition to these factors, couples whose marriages have endured for many years and who are later in life may not be in a secure financial position to support themselves independently. This is particularly true if one spouse has chosen to take time away from their career to raise children or support their partner’s career goals. In these circumstances, it is critical that some form of financial arrangement between the two parties be made in order to ensure that neither spouse suffers unnecessarily as a result of the divorce.

In light of these various financial issues arising from late-life divorces, it is important to take the time to consider all of the factors related to your finances when considering divorce in order to be fully prepared if these issues do eventually arise. The following is a brief list of some of the various issues that older couples who are pursuing a divorce should take into account when considering a divorce:

  • Ÿ  Division of property/assets/debts
  • Ÿ  Financial support arrangements
  • Ÿ  Costs of pursuing a court-settled divorce
  • Ÿ  Pension/retirement plan details
  • Ÿ  Tax exemptions
  • Ÿ  Social Security retirement benefit plans

These and other issues relating to late-in-life divorces should be discussed with an attorney or a mediator before any final decisions are made by a couple regarding how their divorce should be arranged. In many cases, an attorney can help both spouses to reach a more favorable outcome than they might have otherwise realized was available to them.

Military Divorce

The process of divorce when it comes to military personnel can be different from divorce regarding two married civilians. It is not necessarily complicated, but the differences can be hard to understand at first. Complications arise from the location of filing the divorce, from the division of pension and child support, and from legal protections for the military personnel. Federal laws also affect the process of military divorce, and once you have become familiar with these laws, proceeding with the divorce will go smoothly.

One of the first obstacles for military divorces is where to file the divorce. Because of the issues with where military personnel may be stationed, it can be difficult for a spouse to know where to file for the divorce. Nevertheless, the law permits several options on where to file the divorce:

1.    File in the state where the person who wants the divorce resides.

2.    File in the state where the service member is stationed.

3.    File in the state where the service member is legally registered as a resident.

Many states allow a member of the military to file for military divorce in the state where they are based, regardless of whether either of the divorcing individuals are legal residents of the state. The options above, however, often provide for better choices, especially if issues such as child support, grounds for divorce, distribution of property, and child custody will also be considered later in the divorce proceedings.

Although there is little difference between a divorce between a civilian couple and a military couple, certain laws pertaining to the military personnel can make things a bit more complex. Factors such as being active in service or if one spouse is based permanently in another country can be a cause for longer divorce proceedings.