When a couple in New Hampshire makes the decision to marry, they are often swept up into the sea of seemingly never-ending decisions that must be made. In addition to planning a wedding, they must decide where they will live and how their households will be consolidated. However, some family law professionals advise couples planning to marry to consider the importance of protecting their finances by considering how property will be divided in the event of a divorce.
While few people likely expect that their marriage will end in divorce, the fact of the matter is that people change over time, often making them no longer compatible. By planning ahead and creating either a pre- or postnuptial agreement, a couple can avoid some of the expense and time associated with dividing assets. Such a move can be especially important to a business owner. A divorce that results in a transfer or share of ownership could significantly disrupt a business.
Through the creation of such an agreement, each person will disclose his or her assets and determine what will be considered separate property and what is marital property subject to division. This can also protect one spouse from being held liable for the other's debt. Even an account, piece of real estate or other asset that is held only in one spouse's name could be determined to be marital property. A prenuptial agreement can help prevent such an outcome.
Some people going through a divorce will make the decision to challenge such an agreement. Fortunately, challenges are less likely to be successful if certain conditions are met, including whether the agreement was signed an appropriate amount of time prior to the wedding, both people had legal representation and both honestly disclosed their assets and liabilities. For those in New Hampshire considering a prenuptial agreement, an experienced family law attorney can help ensure that a fair agreement that is unlikely to be successfully challenged is created.
Source: bizjournals.com, "Just say 'I do' to prenuptials", Nancy Kennedy, July 8, 2016