Prenuptial agreements can play a vital role in shaping the outcome of a divorce case. This is particularly true when two spouses with substantial financial wealth choose to dissolve their marriage. These contracts can determine what property is distributed between the parties or even set a fair amount of alimony.
There are issues that a prenuptial agreement cannot address. When you have questions about the impact of prenuptial agreements in Kawartha Lakes high-asset divorce cases, now is the time to ask one of the lawyers at The Riley Divorce & Family Law Firm. Our compassionate high-asset divorce lawyers could advise you on how these contracts work and discuss your options.
When there is a significant discrepancy in wealth between two people, prenuptial agreements are a common tool that could have a large impact on a divorce. This contract can provide the parties with control over issues of money before the marriage begins and leaves each soon-to-be spouse with a clear picture of where crucial details stand.
In high-asset divorces in Kawartha Lakes, parties that own closely held businesses frequently rely on prenuptial agreements because any effort to divide these companies or liquidate their assets could hurt the business itself. Ensuring that these organizations are always treated as individual property is the best way to protect them during the divorce process.
While many people choose to execute a marital agreement based on their income or assets, they are also valuable when it comes to existing debt. In a high-asset divorce case, a couple might choose to sign one of these prenuptial contracts to shield one spouse from the extensive financial obligations of the other.
For instance, without a contract in place, creditors might be able to come after one individual due to money their spouse owes creditors. This is a common issue during divorce that can be avoided with a prenuptial agreement.
The law does not allow two people to address every issue that might arise during the divorce process through a contractual agreement. This is a matter of public policy as there are certain decisions involving children that the court is required to make. Because of this, spouses may not formalize a pre-nuptial agreement on an issue they do not have the legal standing to decide.
A court must determine questions of parenting time and decision-making responsibility based on how it would benefit the juvenile. This is known as the best interest of the child standard. Additionally, any decision related to child support cannot be impacted by a prenuptial agreement in a Kawartha Lakes high-asset divorce.
When you are engaged to be married, it is a good idea to know the impact of prenuptial agreements in a Kawartha Lakes high-asset divorce. By entering a marital contract, you could be dramatically affecting your rights.
A skilled lawyer at our firm could advise you on the best way to proceed. Our lawyers are available 24/7 and are happy to set up an initial consultation at your convenience. Contact us today.
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