For some people, a prenuptial agreement might seem unromantic or even insulting. However, a well-crafted prenuptial agreement can provide a number of benefits, including peace of mind for both parties. Just because a couple enters into a prenuptial agreement doesn’t mean they plan to eventually divorce. Entering into a prenuptial agreement is similar to purchasing car insurance or a homeowner’s insurance policy. You don’t buy insurance because you plan on getting into a car accident or experiencing a flood in your home. However, if something like a flood does happen, you can rest easy knowing that you have insurance to cover any damage. A prenuptial agreement offers similar reassurance. You may never end up using it, but it’s reassuring to know the agreement is in place just in case the unexpected happens. If you are considering a prenuptial agreement to protect you or your future spouse, you should take the time to discuss your options with an experienced prenuptial agreement … [Read more...]
When to consider drafting a prenup in North Carolina
Unlike other states in our nation, North Carolina uses equitable distribution to divide property during divorce proceedings. Despite its title though, equitable distribution does not necessarily mean a 50/50 split of property. The "equal" division of a couple's marital and divisible property is determined by the court after looking at the net value of these assets. Suffice it to say, this can sometimes create more contentions because one spouse may feel that the other is getting more than they are.One thing that can help alleviate contentions before they even present themselves is by drafting a prenuptial agreement. As we explained in a previous post, prenups aren't just for celebrities but rather a great legal tool for couples with varying levels of assets. That's because these documents can effectively handle the property division step of a divorce if done properly. Here are a few things you will need to consider though before drafting a prenup:Your personal assets. One of the most … [Read more...]
What celebrity divorces teach us about prenups and high assets
Many people across the nation, including some here in North Carolina, try to avoid reading tabloid stories about celebrity divorces. For some people, the reason is that they prefer not to gossip about other people's lives, oftentimes noting that getting a divorce is a very private thing and not something everyone should know about.Others though avoid reading stories about celebrity divorce because they doubt the particular elements of a celebrity divorce will apply to other situations such as their own. As you can imagine, this is a commonly held belief. But oftentimes, if you break down a celebrity divorce, you can see that they are no different than most high-asset divorces. To illustrate this point, we can look to Ben Affleck and Jennifer Garner who recently filed for divorce after 10 years of marriage. Not unlike other couples in Hollywood, Affleck and Garner signed a premarital agreement that will determine how much either partner will get based on the number of years they have … [Read more...]
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