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The following is a short legal discussion about the favorable different uses of prenuptial agreements.

Avoid Litigation Costs – prenuptial agreements can be rids of certain litigation costs that associated with contending the will of deceased spouses. They can be facilitating the divorce process to make sure that the will can be distributed as what the couple’s wishes. Individuals who have experienced of some prolonged, muss divorce and they realized that there are considerable certain amount of wealth can be a lost when there’s legal battle, including the legal fees, and a fees that charged by the appraisers and of some witnesses.

Fear of Family Members – The children of the first marriage may have worry about the distribution of family in the event of the second marriage. Prenuptial agreement can be ease these fears arranging away of the property distribution in the event of either divorce or death.

Family Assets – Members of the family want to keep the possession of a family business, holdings, heritages and some of other family properties within the family and to defend them from the claims of an inadvertent successor such as descendant’s spouse. A prenuptial agreement can be written to render such assets are immune from takeover of the new spouses. Most states include a provision in their probate laws keeping one spouse totally disowning the existing spouse and instead give the surviving the power to choose what was provided in the will and to take arrange the share of the deceased spouse’s properties. For example, if one spouse has built up a family business with her or his children and has been willed possession of the business to them, neither could probably be elected against the will and take a magnanimous share of the business away from her or his children. To assure that the prenuptial agreement in which the spouse gives up his right to an elective portion is honored, it should be written in order that the event of the divorce or death, he fulfills any marital holdings rights with the assets other than family business. For instance the husband or wife could agree that when the time of his or her death, a share of his or her assets is transferred to a trust with the income to go to her or his husband or wife for the remainder of her or his life and the holdings to go to the children upon her or his death. The remainder of her or his estate would go straight to his or her children. In the event of his or her death, he or she would be unable to choose against the proviso in the will.

Protecting Business Assets – proprietors of a tight business corporation want to keep a spouse from prevailing voting rights or claim against the business. This can be attained by embarking into an agreement that each member accomplishes a prenuptial agreement that provides for the prospective spouse to forgo all rights to the owner-spouse’s interest in the business in the event of divorce and death. Instead, they might wish to get into a buy-sell agreement, where upon the death of a shareowner or a partner, the persisting owners are expected to purchase the decedents’ interest in the business for designated amount over a specified period of time.

Protection Against Creditors – If one spouse obtains substantial obligations before marriage, there’ll maybe a hope to defend the assets of the new spouse from the creditors of the debtor spouse. This can be fulfilled in a prenuptial agreement by having the debtor spouse give up any claims to the new spouse’s assets, except in the event of divorce or death.

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Article Source:http://www.articlesbase.com/law-articles/prenuptial-agreements-and-advantages-1604779.html

This entry was posted on Sunday, December 20th, 2009 at 8:10 pm and is filed under Study Law. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.