Prenuptial agreements are valuable in divorce because the parties involved have already agreed on various issues such as property division, child custody and alimony. After acquiring considerable assets, individuals considering divorce may wonder whether the absence of this document would put them at a disadvantage.
The role of prenuptial agreements in divorce
A prenuptial agreement is a strategic document that allows marrying couples to establish clear instructions for property division if their marriage ends. Its primary benefit is to help simplify and minimize disputes during divorce. However, some couples prefer to forego prenups due to misconceptions about their purpose.
How Alabama divides property without a prenup
Property division begins by distinguishing marital assets from personal property, assigning a value to those assets, and then dividing the marital property between the spouses.
The longer marriages last, the more becomes challenging to identify which assets are marital and which are separate. Signing prenuptial agreements before marriage simplifies this process since each party’s assets are more clearly distinguished.
Although some couples reach an agreement quickly, divorces involving substantial wealth often include valuable and complex assets that can complicate the process. Individual attachments to certain assets can further muddy negotiations.
These situations may call for mediation or court intervention. These processes may involve extensive negotiation until both parties reach an agreement. After establishing marital property, the couple must divide those assets.
If spouses cannot agree on the division of assets, they must defer to Alabama’s equitable distribution principle. While equitable distribution may help ensure fairness, it does not guarantee an equal split. Various factors, such as each spouse’s economic circumstances, contributions and the length of the marriage, may influence the outcome and make it unpredictable.
Where a divorce lawyer can help
Not having a prenuptial agreement is not necessarily a disadvantage, but it may mean facing a more demanding legal process. Without a prenup, spouses must meticulously catalog and assess their assets and then approach property division strategically. In high-asset divorces where there is a lot at stake, the expertise of a seasoned divorce lawyer can play a crucial role in attaining fair distribution.