It may be the case that persons desiring to marry one another already own significant assets and/or owe significant debts. When people decide to marry, they are not usually thinking of the possibility they may one day separate from one another and their marriage might end in divorce. When neither person has significant assets or debts at the time of the marriage, there may be no reason to be concerned with the possibility of a separation or subsequent divorce. However, when there are significant assets and/or liabilities in existence on the marriage date, or other concerns exist regarding the acquisition of assets, debts, or matter of like kind or character during the marriage, persons may want to enter into a prenuptial agreement outlining their specific rights and responsibilities to one another as married persons.
A prenuptial agreement, also referred to as an antenuptial agreement, is in substance a contract specifically establishing the contracting parties’ rights and/or responsibilities with regard to one another and may also provide for an agreed upon division of assets, liabilities and/or waiver of rights in the event of dissolution. Choosing to protect your interests and contractually agreeing upon your rights and responsibilities in the event your marriage should unfortunate end in divorce may save you time, money and stress involved with an extended, acrimonious dissolution case because the agreement essentially operates as a “roadmap” as to how the parties may proceed towards one another should a dissolution of marriage become necessary.