When a high-profile divorce makes headlines, usually between wealthy individuals, the question of whether the couple had signed a prenuptial agreement (commonly referred to as a “prenup”) tends to arise. For high net worth couples, a prenuptial agreement protects the financial assets of each individual, should they eventually decide to end their marriage and go their separate ways. While prenuptial agreements are becoming more common among couples from varied socioeconomic backgrounds, they can actually protect much more than your financial assets. Let’s take a closer look at some surprising protections a prenup can offer you if a divorce becomes inevitable.
Student Loan Debt
In most cases, individuals who enter into marriage together are still responsible for paying their own student loans, as they are typically tied to only one borrower. However, some couples decide to pay off one partner’s student loans together over the course of their marriage—so what happens in the event of a divorce? In order to make sure you haven’t spent your hard-earned money on your soon-to-be ex’s student loans, you can decide to specify in a prenuptial agreement. For instance, you could write in a provision that, in the event of a divorce, you will receive some type of credit or compensation for these financial contributions you have made towards paying off your spouse’s student loans.
As many people are entering into marriage a bit later in life, the topic of reproduction has become a major area of interest. In particular, many same-sex spouses who have decided to eventually have children together may have already set aside one partner’s eggs or sperm that would be combined with a donor’s reproductive material to form an embryo. So, what happens to the embryo if the couple ends up divorcing? A prenuptial agreement can specify that an embryo that is created using the reproductive material of one partner belongs to that person in the event of a divorce. If, however, an embryo is created using reproductive material from both partners during the marriage, things can become even more complicated. To avoid messy and expensive legal battles down the road, it’s wise to work with a knowledgeable divorce and family law attorney to create a customized and thorough prenuptial agreement that fully addresses your needs.
As you and your future spouse start planning your shared future, one of you may decide to take a step back from the workforce in order to focus on raising children or to put your career on hold while you support your partner’s thriving career in other ways, like moving across the country. The spouse who takes a back seat to the breadwinning spouse is likely to have a more challenging time re-entering the workforce, should a divorce arise. In order to make sure both partners are able to walk away from the marriage with the financial support they need to forge a new path, a prenup can allocate an annual “salary” to the spouse who put their career on hold or make clear in some other way how that spouse will be compensated in the event of a divorce.
To learn more about how a prenuptial agreement can protect you and your future spouse, reach out to Lee Tyler Family Law, P.C. today at (503) 233-8868 to schedule an appointment with a friendly and skilled Portland divorce and family law attorney.