Stephen J. Buhler, Attorney at Law

Prenuptial agreements not just for Hollywood couples

It may seem odd for Salt Lake City residents to be thinking about the end of a marriage before it has even begun. But it makes sense for many couples to do this when drafting prenuptial agreements, as even the best of relationships can change over time.

Prenuptial agreements are contracts drafted before the marriage, which outline the terms of how the parties wish to separate their assets and liabilities upon the dissolution of the marriage. The agreements can be fairly broad ranging in their scope, including far more than the basic division of property. For example, the couple can include a clause that indicates mediation will be held in the event of a divorce.

One of the biggest myths about prenuptial agreements is that only Hollywood couples use them. In reality, many couples find it wise to have a prenuptial agreement in place before the marriage. For example, some couples may have a large number of assets or debts at stake in a potential divorce. In other relationships, one spouse may own property individually that he or she does not want to pass on to the other spouse, including inheritances, business assets or other separately-owned property.

Ultimately, prenuptial agreements can be flexibly tailored in order to meet the needs of each couple that enters into one. This flexibility is recommended, as there is no one-size-fits-all policy when it comes to a prenuptial agreement. Accordingly, individuals interested in prenuptial agreements should learn what provisions could benefit them, and how the agreement must be drafted and executed in order to be enforced in the future if the need should ever arise.

Source: Huffington Post, "Plan for a successful divorce before your wedding day!," Jim Halfens, July 22, 2016

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