Cleveland, Ohio Attorney
Do I Need a Prenuptial Agreement?
If you’re getting married, a prenuptial agreement may have crossed your mind. Many people fear that bringing up the word ‘prenup’ will cause tension in a relationship, but often times it actually helps to talk about your finances before getting married. After all, most people get divorced because of one thing – finances. Knowing and understanding your spouse’s financial situation may relieve tension and future arguments if things don’t work out. Nonetheless, entering into a prenuptial agreement is a very personal decision. Consider these pros and cons and compare them with your circumstances.
Pros of a Prenuptial Agreement
• Assign debt such as credit cards, school loans, and mortgages. Often times, student loans will be fought over in the event of divorce. Attorneys use debt negotiate the terms of the divorce.
• Reduce conflicts during a divorce.
• Document each spouse’s separate property compared to ‘marital property.’ Separate property is not included in spousal support in Ohio.
• Distinguish between what is marital and community property.
• Support an estate plan and avoid court involvement to decide property distribution
Cons of a Prenuptial Agreement
• It’s not an easy subject to talk about and otherwise is not romantic. If you fear that discussing the matter will create tension then it may not be a good way to go. Keep in mind that in Ohio, you must give sufficient notice before presenting a prenup. Thus, an agreement given just a day or two before the wedding may not hold up in court.
• A prenup cannot include child custody issues or child support. Ultimately, the court has the final say in calculating child support and it is determined by the ‘best interest of the child.’
• Child support is calculated using the Ohio child support worksheet. A prenup will not prevent you from having to pay child support.
• If your prenup is completely unfair or not in the interest of justice, a court may set aside some of your assets.
• Cannot include personal preferences such as chores, where to spend holidays, or what school the children should attend.
So, should you get a prenuptial agreement? Consider these questions:
1. Do you own real estate?
2. Do you have more than $50,000 in liquid assets?
3. Do you earn more than $100,000 a year?
4. Do you own any part of a business?
5. Does a part of your estate name beneficiaries or heirs other than your partner?
6. Do you work or your partner plan to go to school for an advanced degree, while the other works?
7. Do you have employment benefits such as stock options of profit sharing?
8. Do you have more than one year’s worth of retirement benefits?
If you answered yes to one or more of these questions, you should consider a prenuptial agreement. Consult with a qualified divorce attorney or prenuptial attorney for more information. Cleveland, Ohio attorney Daniel A. Baron can help with your prenup agreement today. Contact Baron Law LLC for a free consultation. Call today at 216-573-3723. You will speak directly with a Cleveland, Ohio divorce attorney who can assist you with your prenuptial legal needs.