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Many people avoid even the notion of a prenuptial agreement for they are, to be sure, not terribly romantic. However, marriage is more than a commitment of love faith and devotion. It is also a legal agreement and economic partnership. Parties entering into marriage with significant assets or debts or liabilities are well served by setting forth their rights and obligations in a prenuptial agreement. These agreements also serve to protect a non-debtor party from incurring responsibility for the premarital debts or liabilities of the other party.
Those entering into a second marriage particularly with children from a first should absolutely consult an attorney regarding the benefits of a premarital agreement.
Again, absent a premarital agreement, all property brought into a marriage with the usual exception of gifted and inherited property is deemed marital and divisible upon divorce. Further even property that might otherwise be deemed separate can through the unintentional acts of a party or parties become marital. In order for gifted or inherited property to maintain its status as separate property the owning spouse must avoid any mixing of separate and marital property and must further be able to document the origin and source of the individual property. A marital property agreement allows parties to in most instances avoid any unintentional creation of a marital property interest in individual property.
Contact Riley Law Office
If Attorney Tim Riley can be of assistance to you with your legal situation, please call Riley Law Office for a free initial consultation at (608) 833-3880 or email Attorney Riley. Attorney Riley will be happy to speak with you with no obligation on your part.