While the plan is for the marriage to last a lifetime, the fact is that many couples end up in divorce courts. One way to be prepared for this possible event is to insist on the creation of a prenuptial agreement. Here are some of the points that a Prenuptial Agreement Lawyer in Oahu will insist are covered in the terms of the agreement.
Assets Held Prior to the Marriage
One of the first areas that the Prenuptial Agreement Lawyer in Oahu will address is what happens to assets that each party held before they chose to enter into a marriage. Typically, the idea is for both parties to step away with all real estate, cash, and other assets that each owned before they chose to wed. This one clause helps to ensure that if the marriage does not last more than a couple of years, it is at least possible to start over with the same level of financial security.
Dividing Assets Accrued During the Marriage
The agreement will also address the distribution of assets that the couple acquires during the time they are legally married. Typically, the lawyer will seek to ensure this part of the agreement follows the general guidelines set by the state. This means that each party will receive at least some sort of assets as the result of the divorce, and be able to use them as a way to start over.
Provisions and Time Limits
The terms of the agreement will often include time limits that apply to specific provisions. For example, if the marriage lasts for less than two years, the terms may disqualify an unfaithful partner from receiving anything other than the assets brought into the union. Should the marriage be annulled, the prenuptial agreement may be declared null and void. The goal is to be prepared for any eventuality and ensure that the rights of each party are respected.
For anyone who is thinking of entering into a marriage, it pays to consider what could happen in the future. Contact Greg Ryan and Associates today and find out what it would take to prepare a reasonable prenuptial agreement. Doing so will mean if the marriage does not last, bringing it to an end will be a little less complicated.