A prenuptial agreement can limit debt liability
There is a lot that is to be done before two people get married. Along with finding a venue, caterer and putting together a guest list, many couples have decided that drafting a prenuptial agreement was also an important item on their list of things to do. Despite a couple’s goal of being together for the rest of their lives, many people realize that divorce can happen and find that getting a prenuptial agreement is the best thing to do. They can be especially helpful when couples find themselves facing issues with debt.
Before and during marriage, your spouse could accumulate debts. Should you and your spouse divorce, both of you may be held liable for these debts, which means you both will have to pay them off. This is not fair, but if there is no prenuptial agreement in place, the courts may have no other option but to divide these debts evenly and hold both of you responsible.
Not only can this agreement keep debt separate, but it can also prevent creditors from coming after certain property when one spouse has a debt that must be repaid. Should a couple own a significant amount of property and assets, it would be wise for the prenuptial agreement to detail how debts will be handled and limit liability. In the end, couples often see it was a wise decision.
Divorces happen, but that doesn’t mean your spouse has to walk away with everything you own, nor should you be responsible for their debts. It may not be the most romantic thing to do before getting married, but it can be smart to get a prenuptial agreement.
Anyone who is considering a prenuptial agreement may wish to speak to an attorney at the Law Offices of Dorie A. Rogers. We have experience helping people craft agreements designed to protect their interests as they take the step into matrimony.