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How to protect your assets in a marriage

On Behalf of | Aug 18, 2023 | Asset Division

People often fear that their marriage could lead to a divorce. It can happen to people who have just proposed or been proposed to and worry about the future. It can happen to people who are currently married and have a sudden relationship scare. And, it can happen to people who have already been married once before.

While many people worry that a divorce could mean losing a close friend, it can also mean figuring out how to divide assets. How assets are divided in a divorce can greatly affect peoples’ lives moving forward. 

Many people resign to the fact that they’ll get what comes their way, even if it means they don’t get what they want. But, it doesn’t have to be that way. People can create prenuptial agreements to help protect their assets and decide what happens after a divorce. Here’s what you should understand:

What is a prenuptial agreement?

A prenuptial agreement is a legal document made before marriage. The main intent of a prenup is to establish how assets and debts should be divided after divorce. 

Furthermore, a prenup can establish alimony. Alimony is financial support awarded to one spouse from the other after a divorce. This often benefits a spouse who makes a lower income or has no income. This spouse would then be able to use the alimony to get back on their feet and recover from the divorce. 

What is a postnuptial agreement?

Many people get married before they create their prenups. Unfortunately, that means a prenup can’t be made, but there are other options. People can create a postnuptial agreement after their marriage. A postnup does, essentially, everything that a prenup does. People often use postnups to redefine the original terms of a prenup. 

Are you considering making a prenup or postnup? It can help to learn more about your legal rights when looking for ways to protect your assets.