Divorce is never an easy thing to go through, even for Denver couples going through an uncontested split. If you don’t have a prenuptial agreement, things might get even messier. What happens to all your stuff during the divorce proceedings if you and your spouse never had a prenuptial agreement drawn up?
Simply put, states Business Insider, all of your marital property would likely be divided 50/50 during the divorce. Marital property consists of any real estate, money, furniture, retirement accounts, and other assets that you and your spouse accrued during the marriage. Some assets, such as a home that you owned in your own name before you got married, would usually not be considered marital property.
You might not think equal distribution is such a big deal. However, what if during the marriage you had created a business in both of your names, but you were the one primarily responsible for the running of the business? What if you received a few precious family heirlooms that were not specifically designated to you as gifts? Without a document clearly delineating your wishes in the event of a divorce, this marital property would most likely be divided equally without regard to how much time your spouse did not put in your business or how treasured your family heirlooms are to you.
The same would be true for dividing pensions, retirement homes, vehicles, and other assets. The division of marital property can become quite heated and contentious in divorce disputes. It may be considered unromantic or untrusting to insist on a prenup before marrying the love of your life. Unfortunately, not all marriages live happily ever after, and planning ahead may help you protect assets. This information should not be taken as legal advice, but only to serve as general information on prenuptial agreements.
Tags: Prenuptial Agreements
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