If you are about to walk down the aisle, you naturally may feel that you will stay married to your significant other long term. The reality, though, is that divorce can happen if you and the other party end up growing apart and wanting different things in life.
This is why putting together prenuptial agreements is becoming increasingly common among couples headed for marriage in Minnesota and elsewhere. These agreements establish both your and your significant other’s financial rights in the event that you get divorced one day. They also establish people’s property rights. Here is a glimpse at what can go inside a prenuptial agreement in Minnesota.
The distribution of property
Wealthy individuals use prenuptial agreements to safeguard their assets during divorce, but this type of agreement can come in handy for you no matter what your income level may be. The agreement can also help you to protect the asset of a family venture.
In the state of Minnesota, any marital property that you and your spouse accrued during your marriage is subject to equitable property division. In other words, a judge will determine the fairest way to divide your property between the two of you. However, if you have a prenuptial agreement, your agreement — rather than a judge — will determine how you divide your marital assets during divorce. The agreement can also dictate how you handle any debt accumulated during the marriage.
You can also use your prenuptial agreement to spell out how you and the other party will handle your individual responsibilities in the household. For example, who will contribute to your savings account? Also, who will handle household expenses and bills? Your prenuptial agreement can also be useful for spelling out how you will manage credit card spending, as well as investing in major purchases, like a house or company.
How an attorney can help
Prenuptial agreements can certainly offer you protection during a divorce proceeding, but it can also help to solidify your marital union. This is because it allows you to discuss important financial and household issues before they become major sources of conflict. An attorney in Minnesota can help you to put together a prenuptial agreement that reflects your best interests long term.