Bulloch, Fly, Hornsby & Evans

Murfreesboro Divorce Law Blog

Do you know the top benefits of a prenuptial agreement?

Although a prenuptial agreement isn't right for every couple, it's something you should think about before you tie the knot. If you don't, you could find yourself in a bad spot should your marriage result in divorce at some point in the future.

The best thing you can do is learn more about the benefits of a prenuptial agreement, as this will help you decide if it's right for you and your partner. Here are some of the top benefits:

  • Peace of mind in knowing that the assets you bring into the marriage will be protected if you divorce
  • Opportunity to protect a professional practice or business interest upon divorce
  • Protection against the debt that your partner brings into the marriage
  • A way to limit the amount of alimony that one person will pay to the other after divorce
  • Protect the inheritance rights of any children from a past marriage

How can my ex and I can split up our home during our divorce?

In the case of most marriages, a home is the most valuable shared asset the two of you may own. For some spouses, it may even carry a strong sentimental value. In either case, you and your ex may have difficulty reaching an agreement as to how you're going to split it up when you divorce.

One of perhaps the easiest ways of splitting up a marital property is to simply sell it, dividing up the proceeds made by doing so between the two of you. Provided that the sale of your home doesn't go over $250,000 and that you've lived in the home for at least two during the last five years, then you'll avoid having to pay federal taxes on the net profits.

Here’s how you ask for a prenuptial agreement

As your wedding day draws closer, it's only natural to have some concerns about the future with your intended. You hope you live a long and happy life together, but want to protect yourself in the event that something goes wrong.

One of the best forms of financial protection is a prenuptial agreement. Although there are many benefits for both spouses when signing a prenuptial agreement, asking your soon to be spouse for a prenuptial agreement is easier said than done.

What happens to your debt as a result of divorce?

There is a lot to think about when going through the divorce process, including what will happen to your assets (such as your home, car and personal property).

While property division is a sticking point in many divorces, don't overlook the fact that it can also be a challenge to divide debt.

Family business and divorce: You need protection

As the owner of a family business, you may have some concerns about moving forward with the divorce process. Most importantly, you're concerned that you could lose some or all of your business in the split.

While this is a valid concern, you need to keep one thing in mind: There are steps you can take to protect your business. You simply need to think one step ahead at all times.

How to ask for a divorce when high assets are in play

It goes without saying that going through the divorce process, regardless of how much money you have, can and probably will change your life in a variety of ways.

However, if you're going through a high asset divorce, there is even more to think about. It all starts with the way you ask for a divorce. Although this can be one of the most difficult things you ever do in your life, it's something that you may have to tackle at some point.

What comes into play during a high asset divorce?

When you tie the knot, you hope that you remain married for the rest of your life. Even with this approach in mind, you know that something could go wrong in the future.

There are many things that come into play during a high asset divorce. For example, you have to worry about protecting any assets that you brought into the marriage. While this sounds simple enough, there are many challenges that can get in your way.

Personal property division in divorce

As you move through your divorce, it's only natural that you focus some of your efforts on property division.

This leads many people to learn more about their home, bank accounts and retirement assets. While all of these things will likely come into play, don't overlook the fact that personal property will also need divided in the event of a divorce.

Don’t get caught up in these prenuptial agreement mistakes

There may come a point when you realize that a prenuptial agreement is something you need in place before tying the knot.

While this is an important conversation to have with your soon-to-be spouse, it's just the beginning. If you decide to create a prenuptial agreement, you'll want to do whatever it takes to avoid the most common mistakes. These can include:

  • Failure to create a legally binding contract. It doesn't matter how you look at it, it's important to always remember that a prenuptial agreement is a legal contract.
  • Forcing the other person to sign the prenuptial agreement. If a person signs an agreement under duress, it is not likely to hold up in the court of law.
  • The inclusion of provisions regarding child custody. A prenuptial agreement is not the place for language regarding child custody, as this is based on what the court believes is best for the child, not the wishes of the parents.
  • The addition of chore requirements. You can't use a prenuptial agreement to outline who will do what chores after tying the knot.

Military divorce can be complex for many reasons

A military divorce can be every bit as complex as it sounds. If you find yourself in this position, you need to know what to expect as the process moves forward.

Just the same as any other couple going through a divorce, questions of child custody and child support often move to the forefront. Along with this, it's common for there to be concerns in regards to property division.

Bulloch, Fly, Hornsby & Evans Attorneys At Law
302 North Spring Street
Murfreesboro, TN 37130

Toll Free: 800-673-1947
Phone: 615-896-4154
Fax: 615-896-4152
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Murfreesboro, TN 37133

Toll Free: 800-673-1947

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