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Prenuptial agreements may help resolve some marital issues

The decision to get married is not an easy one and it usually takes many years to find someone to spend a lifetime with. However, once the decision to get married is made, a couple should openly discuss any issue that may potentially lead to arguments during later stages of their life.

Some of the issues that the couple may face include paying their monthly bills and managing other financial obligations as well. Also, many couples may find it difficult to discuss retaining some assets separately since most assets are thought of as marital property. However, if one of the spouses wishes to retain some assets separately, then the couple should discuss a prenuptial agreement before getting married.

The couple may decide to enter a prenuptial agreement in order to maintain separate property as well as agree on various crucial issues including spousal support and child custody that would affect them in the event of a divorce. The agreement will also ensure that the assets of the couple are protected and won't be included in the assets that will be divided post-divorce.

A Domestic Asset Protection Trust may also help a couple protect assets. However, some states may allow this to be attached in a divorce proceeding. Therefore, one of the options can be to transfer assets to a trust and also have a prenuptial agreement in order to protect it.

Prenuptial agreements have to be drafted carefully since they can be challenged during a divorce. Getting professional guidance to help draft documents like this may be beneficial for a couple in order to protect the person's assets and to avoid future legal action.

Source: Forbes, "How To Protect Yourself In A Divorce Using A Domestic Asset Protection Trust," Robert Pagliarini, May 15, 2014

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