How Can I Protect My Assets Going Into A Marriage?
Published 06/24/16 by Admin
Barr, Jones & Associates LLP, released an article discussing “How Can I Protect My Assets Going Into A Marriage?”, Read on for more.
So you’re thinking about getting married? And you’ve heard a horror story or two about how marriage didn’t work out for a particular couple, the divorce got ugly, and one of the spouses ended up taking their no-longer-significant other to “the cleaners”. This isn’t always the case, and while some divorces can end amicably, it’s only natural that a lot of emotion and anger could be wrapped up in a divorce process.
I’m sure if you’re reading this and you are considering getting married, the last thing you want to be thinking about is divorce. The one thing you should be thinking about though is creating a prenuptial agreement between yourself and your significant other to protect both of your assets in the unfortunate event that the marriage just doesn’t work out. There are several advantages to creating a prenuptial agreement, and it’s a little known fact that a prenuptial agreement serves more than just to protect your or the other person’s assets in the event of a divorce; it can also protect your or your significant other’s assets in the event of a death.
When Should I Create This Prenuptial Agreement?
As soon as possible. The sooner you start discussing the terms of the prenuptial agreement with your significant other, the sooner you can get the details ironed out and get it in writing to protect both of your assets. Also, a court is less likely to enforce a prenuptial agreement that was created just prior to the marriage. You or even your significant other may be a little apprehensive at first at the idea of creating a prenuptial agreement, because some people may take that to mean that you don’t trust them. While this may be true for you, or it may not be, that isn’t the only reason that a prenuptial agreement can be a good idea. It is to prevent either of you from taking advantage of the other, but it’s also to ensure that both of you are financially secure, regardless of what the future may hold.
What Should I Include In The Prenuptial Agreement?
Everything…seriously. The more you include in your prenuptial agreement, the more protected you and your significant other will be in the event of death or divorce. Also, make sure there is complete and total honesty between you and your significant other about your financial assets and financial liabilities. Most courts are not likely to uphold a prenuptial agreement if it appears that one of the parties involved lied about their assets or tried to take advantage of the other. After you have written out a draft or finalized the details of what you would like to include in your prenuptial agreement, it is always a smart idea to have an attorney look over the prenuptial agreement to make sure that both you and your significant other have worked out all of the details. An attorney can also verify if the document looks accurate and complete.
What Is The Process In Ohio?
The process of creating a prenuptial agreement in Ohio is actually pretty simple. Step 1, discuss the details of the prenuptial agreement and get it in writing. Step 2, while optional, have an attorney review the document for completeness. Step 3, the state of Ohio requires two witnesses to be present at the time that you and your significant other sign the prenuptial agreement, so make sure you have your two witnesses on hand when both of you sign. Step 4, this is also optional, but it is always a good idea to have the prenuptial agreement notarized by a notary public, who will have both of you testify that the information is accurate and true; also, the notary public could serve as one of your witnesses. Step 5, sign the prenuptial agreement in the presence of your two witnesses and (optional) notary public. Step 6, have at least 3 copies of the prenuptial agreement. Both you and your significant other should have a copy, and a third copy should be entrusted to a reliable third party for safe keeping. That’s it. It’s that simple.
Regardless of whether or not you decide to create a prenuptial agreement, it is always a smart idea to know all of your options and never be afraid to contact an attorney with any possible legal questions that you may have. They are professionals and can provide you with sound and up-to-date legal advice.
This blog, should not be construed as legal advice, but rather is a basic summary of the process an individual may go through if they are seeking to create a prenuptial agreement.