Marital property is a legal term used in divorce law in the United States that refers to any property acquired during the course of the marriage. Any property a person owned before entering the marriage is classified as separate property, and property such as inheritance or gifts are also considered separate property, even if acquired during the marriage. The concept…
There is a common misconception that prenuptial agreements are only beneficial for high-net worth couples, but this simply isn’t true. There are many people who can benefit from the use of a prenuptial agreement when entering into a marriage, and therefore the more you know about these contracts the easier it will be for you to make an informed decision…
Prenuptial agreements can be extremely useful tools for outlining the terms of a potential future divorce before you get married. They help you protect your assets or investments, particularly those you want to preserve for children from a previous marriage. However, prenups can’t be used for just anything—there are certain terms that will not be able to be enforced. Among…
Numerous studies have shown how Millennials are waiting longer than previous generations to get married. This, many experts believe, is the primary reason for a drastically decreasing divorce rate nationwide. However, that’s not the only trend Millennials seem to be driving in the world of marriage. They are also more likely than previous generations to use prenuptial agreements. Attorneys conduct…
Prenuptial agreements can be extremely beneficial for couples about to enter into a marriage to establish certain ground rules for splitting debts, assets and other responsibilities. However, there are some items you may not include in a prenup. It is important to know these items before you sign your agreement. Issues related to your children You cannot predetermine issues such…
Amazon founder and CEO Jeff Bezos recently announced that he and his wife, MacKenzie, would be getting divorced. The divorce is expected to shatter records because Bezos is the wealthiest man in the world and the couple did not have a prenuptial agreement. There have been reports of an affair Bezos had during the marriage, which could result in him…
If you and your spouse own rental properties together, you are allowed to continue renting it out after your divorce if you wish to do so. However, you’ll need to come to a mutual decision about how you’ll divide these rental assets and the tax bills. As far as the IRS is concerned, whether you are married or divorced does…
Recent surveys of family law attorneys indicate prenuptial agreements (prenups) have become increasingly popular among millennials in recent years. One big reason for this trend is that millennials are getting married older, on average, than previous generations, meaning they’re coming into marriage with more assets. However, perhaps the biggest factor is the massive debt weighing down the millennial generation. Millennials…
Although U.S. divorce rates have been in decline in the new millennium, many people still find it advisable or beneficial to create prenuptial agreements that protect their interests and assets in case a divorce happens. It’s true that prenups can be useful agreements to protect people from the harmful fallout of a divorce. However, certain elements of a prenup could…
If you signed a prenuptial agreement before you were married, you may be wondering what impact it could have on your divorce. And, if you recently perused the old document and gasped halfway through, then exclaimed, “They can’t hold me to that!” you’re probably hoping for a way out. Breaking a prenup – the process of having a court invalidate…