Burke Levy, P.C.

Prenuptial agreement assists in case of death or divorce

Open communication is a key ingredient in a successful marriage. Ideally, this type of communication should begin long before the Massachusetts couple says "I do." In addition to where the couple will live, there are numerous topics that should be addressed upfront, especially if significant assets, a business or children from a previous relationship are involved. In addressing these issues, the couple will most likely decide that a prenuptial agreement is advantageous for all involved in case of death or divorce.

A prenuptial agreement allows the couple to discuss how specific assets and debts will be handled if the couple decides to divorce or if one of them dies. If one of the individuals owns or is part owner of a business prior to the marriage, a death or divorce can have a significant impact upon the business and those involved in it. How the business, its assets, its debts and income generated from the business will be treated needs to be discussed. By addressing these concerns before the marriage, potential problems can be avoided later on.

Additionally, if one or both of the individuals has children from a previous relationship, he or she will want to address how assets owned prior to the marriage will be distributed in case of death or divorce. In many instances, the parent will want the children to receive at least a portion of such assets. The prenuptial agreement can address this and identify exactly which assets are set aside for the children.

By drafting and executing a prenuptial agreement, the Massachusetts couple is recognizing the need for open communication throughout their marriage. This document can set the foundation for how the couple will address numerous concerns throughout the marriage and then if death or divorce becomes a factor. Each individual will want to discuss this matter with an experienced attorney.

Source: wtkr.com, "Are prenuptial agreements just for the rich? Tips on how to decide you should have one", May 24, 2018

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