For many people in Kentucky, prenuptial agreements seem like a matter for celebrities or ultra-wealthy entrepreneurs. They may not seem relevant to people of average income and wealth, especially when they are just starting out in life. Indeed, many people think of young marriages as those that are least likely to need prenuptial agreements given that neither party has had significant time to accrue serious assets, launch businesses or have existing children from prior relationships. However, some experts advise that students who marry while completing college, university or graduate school may benefit from considering a prenup.
Prenuptial agreements allow people to decide how their assets will be handled in case of divorce or dissolution later down the line. They can also come into play in the case of the death of one partner. While many people think of a prenup as something used to protect a wealthier partner from a less-wealthy spouse’s claims, a well-drafted prenup should provide protections for both parties. For example, protections for a partner who stays home to care for the children can be written into the prenup in advance. In addition, the prenup can include time limitations on various provisions that may change as the marriage lasts.
While students have fewer assets to divide, negotiations over a prenuptial agreement may be less emotionally fraught. Instead, both parties may be able to consider what kind of distribution they would consider to be fair in case of a future split.
In order for a prenup to be later upheld in court in case of a divorce, it is important for it to be fair. This means that both spouses should be represented by a family law attorney of their own throughout the process. This can help ensure that the agreement that ensues contains terms that protect both spouses in the future.