Prenups can facilitate division of marital assets

Couples who are in the entertainment industry likely face many pressures on their marriages that the average family does not face. However, there are many reasons why any marriage may not survive, and then the former couple may struggle to determine the best approach when it comes to the division of marital assets. Whether a family resides in Hollywood or Colorado, a prenuptial agreement may prove to be a valuable document in the event of a divorce.

Recently, another popular couple in the entertainment industry announced that they were wrapping up eight years of marriage in favor of a legal separation. What is not known, is whether they had chosen to sign a prenup before they married. These documents are not just for celebrities or the wealthy. Indeed, they may prove to be invaluable for couples who have children from a previous relationship or who may own a business.

A prenuptial agreement is used to spell out which assets and debts are owned by each party. It then stipulates which party will own the asset in the event the marriage does not last. However, the agreement cannot be grossly unfair to one party if that individual would then be required to apply for public assistance instead of receiving rightful spousal support.

A prenuptial agreement can be as simple or complex as each couple’s circumstances dictate. It can be drafted either months ahead of a wedding or even right before the ceremony as long as each party is in agreement with the terms of the contract. In the event that a couple decides after the marriage commences that such an agreement would be useful, they can enter into a post nuptial agreement. While no one anticipates seeking a divorce, having a plan in place can ease the details relating to the division of marital assets. An experienced attorney can provide further information regarding how such a tool can protect Colorado families.

Source: Fox Business, “Chris Pratt-Anna Faris split: Prenups not just for rich and famous?“, Casey Dowd, Aug. 12, 2017