In certain marriages, couples will have a prenup agreement in hand. Signing this agreement indicates certain assets can (or can’t) be transferred following a divorce. Some of the most common things found in an agreement include the house, bills, and various purchases. However, couples will often protect some other intriguing items.
Fighting Over Fido
For animal lovers, it can be upsetting seeing their four legged friends in the middle of a divorce. Many couples will sign a prenup to make sure their pets stay with them when it’s over. When it comes to animals, more people are concerned about their well being in this situation than before.
“I’ve also noticed pet rescue organizations now have questions on their adoption applications that ask what will happen to the pet in the event of a split, so a contract is definitely something to consider,” attorney Mitchell B. Gordon told ABC News.
Deeper In Debt
Many college sweethearts wind up tying the knot after they graduate. While they say “I do” to each other, they’re also saying the same to their student debt. With the average student owing around $37,000, this can get scary in a heartbeat.
Usually, married couples will open a joint account for their bills. If you’re marrying someone that still has student debt, you can get charged during a divorce by creditors. “Too often people think it will get them out of paying the debt and it’s not going to do that,” lawyer Adam Minsky told USA Today. Simply having any student debt connected to the right person via a prenup can save everyone stress.
Taking Care Of Business
When it comes to starting a business, people rarely think about how a divorce can damage things. Your spouse can easily leave with a huge chunk of your earnings. Recently, Amazon CEO Jeff Bezos made headlines for not signing a prenup prior to divorcing MacKenzie Bezos. Because of this, MacKenzie can walk away with half of Amazon’s $140 billion fortune.
While you might not make that kind of money, it’s important to protect your business with a prenup. In fact, be sure to protect whatever is important to you with one of these agreements.