Prenuptial Agreements Knoxville, TN
Prenuptial agreements are contracts designed to protect the property rights of the spouses in the event a divorce occurs. Often prenuptial agreements are sought by people who have accumulated significant property prior to the marriage. But that is not always the case. More often we are seeing people enter prenuptials to protect themselves from another spouse’s debt, or to preserve a family business.
Without a prenup in place state law treats most marital assets as community property. In the unfortunate event of a divorce, separation or a spouse’s death, this can have unintended consequences. In most cases, assets and debts acquired during marriage will be divided equally in a divorce. After a spouse’s death, the surviving spouse would become the executor of any assets — or liable for any debts — that the couple accrued, as well as anything inherited in the probate process.
A prenuptial agreement can prevent many of these issues, by acting as a sort of will for a failed marriage, giving courts explicit guidance of the couple’s intent on how to split up assets and liabilities. Some of the more common uses of a prenup include:
- Separating individual and marital assets, so that property one spouse owned, or was heir to, prior to the marriage can be returned to them upon divorce
- Isolating debts one spouse brings into the marriage, such as student loans, so the other spouse does not continue to be liable after divorce.
- Keeping family businesses or properties in the line of succession
- Financial provisions for children from a previous marriage (but not custody, visitation or guardianship – the court will be required to decide these independently of probating any prenuptial contracts).
Schedule an appointment with us today to discuss how we can help you protect yourself in the event of a divorce. Samuel B. Tipton has vast experience with handling prenuptial agreements for Knoxville and the East Tennessee community.
Postnuptial agreements are the identical to prenuptial agreements, except that they are entered after the marriage has occurred. Often, infidelity, inheritance, or some other change in circumstance can make a postnuptial agreement appropriate. However, like prenuptial agreements, these agreements are not to be entered lightly. Both prenuptial and postnuptial agreements can significantly affect the division of assets and debts should a divorce occur. Call us today to schedule a free consultation to discuss how we can help protect your property going forward.