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What are the benefits of a prenuptial agreement?

| Nov 20, 2017 | Property Division |

One of the best ways to prevent arguments and problems with assets during your divorce settlement in Ohio is to have a prenuptial agreement. This legal agreement can be used to predetermine who gets what should a divorce occur. It is beneficial for both of you.  

According to Fox Business, a prenuptial agreement allows you to protect assets you owned before the marriage. In some cases, it can also be used to protect assets obtained during the marriage. It can set up spousal support guidelines, too. If one of you owns a business, this document can also help keep that protected from the divorce process. The only real limitation is when it comes to children. Visitation and child support guidelines cannot be included in such a document. 

A prenup is also nice for couples embarking on a second marriage. You may be bringing assets from your former marriage that need to be protected. You may also have children from a previous marriage, which you may wish to provide for by protecting certain assets. 

The biggest benefit is an agreement like this enables you to clearly outlline who owns what.  It can be difficult years down the road to remember what asset belonged to whom after being married and co-mingling assets for so long. In addition, state laws affect the ability to retain some assets that have become marital property. The bottom line is a prenup can save you a lot of time and stress when you end up in divorce court. This information is only intended to educate and should not be interpreted as legal advice.

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