People in Kentucky rarely want to think about the potential of divorce while they’re still engaged in wedding planning. Nevertheless, planning can help people to avoid bigger problems further down the road, even for people of modest means. When people think of prenuptial agreements, they often think of celebrity news or heirs to family fortunes. However, many people can benefit from developing prenups to protect their interests in the case that their relationship changes in the future.
While people often think of prenups as a way to protect their money, there are a number of different reasons why people may opt for an agreement. State law governs how marital property is to be distributed in case of divorce. While Kentucky is an equitable division state and property gained after marriage is not necessarily divided equally, people may want to make agreements about specific items before the situation becomes more difficult.
Business owners, in particular, may be interested in pursuing a prenuptial agreement, especially if they are running startups looking for investor funds. An investor may want to see that co-founders have appropriate prenuptial agreements in place before supporting a promising start-up. It can be important to make sure that business assets are separated from the marriage for the stability of the company. However, prenups aren’t supposed to be a one-sided document. Both parties should receive consideration in the agreement, and each spouse-to-be should be represented by an independent attorney.
Of course, in many cases, people who decide to divorce did not create a prenuptial agreement early on in the relationship. Financial issues can be some of the most contentious aspects of a divorce. Whether people are planning to marry in the future or ending their marriages now, a family law attorney might be able to provide strong representation to reach a fair agreement on property division.