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Divorce your spouse. Divorce their parents.

In today’s economy, many young married couples find themselves scrambling to acquire the cornerstone of the American Dream: a home. With housing costs escalating considerably ever since the Covid-19 pandemic, young couples turn to familial support in purchasing a new home. Oftentimes, they obtain the help of their parents towards the downpayment and closing costs, which can sometimes be in the form of a gift, but oftentimes there are conditions applied.

With the exorbitant cost of purchasing a home, it makes sense that someone, even out of the goodwill of their heart, seeks some form of repayment or use of the marital property that they contributed a downpayment toward. When someone, other than the married couple, has a financial interest in the marital home, this complicates the question of equitable distribution during a divorce. Who owns the home? The couple? Or the person who pays the majority of the costs?

A divorce can be heartbreaking, especially when it threatens the loss of the place you call home. An added question of whether you have an interest in your home only adds to the distress. If this situation applies to you, or if you need to ascertain how much you are entitled to in a divorce, schedule a consultation today!

Is there room for love in a Prenup?

            Picture this, you are happily engaged to the love of your life (presumably), you look forward to a life of bliss and happiness, only to be hit with a dreaded question. “Can we get a prenup?” The shock, the betrayal. This is the typical reaction most people have when they are faced with the pre-marital decision to get a prenuptial agreement. Does it mean that your partner does not love you? Absolutely not. It simply means that your partner likes to prepare for the worst-case scenario, and you should too.

            Now no one is obligated to enter into a premarital agreement, but it is a choice that you should consider. If, by an unfortunate circumstance, your bliss comes to an end, and the love that you once shared is now gone, or if you just simply had enough of marriage, would you give an equitable portion of what you acquired during the marriage to them? Most people’s concern regarding a prenup is that their partner would not want to share the financial success they earned during the marriage. But there are other items of value that you may risk losing without a prenuptial agreement. What if you own a precious collection of rare merchandize which you acquired during the marriage. Would you like to part ways with such rare items and give them to your spouse? They may not be a typical financial asset, but they have value and may be subject to distribution in the event of divorce.

            Now, how do you allocate each other’s ownership interests without walking away from the dream of a blissful marriage? It is better to hash things out before the marriage, than to deal with an expensive, drawn out, and bitter divorce later on. Wouldn’t it be easier to start a business during your marriage and not worry if a divorce might affect it? After all, without a prenup, and if your spouse is entitled to equitable distribution of the business, you may be required to sell shares or pay such value to your spouse.

            So, is there room for love in a prenup? Absolutely. You and your partner can decide how finances will be split ahead of time, and together you can face other challenges to your marriage. Like whether you should have a huge wedding or not.