Some couples preparing to tie the knot in Oklahoma are still under the assumption that a prenuptial agreement is only something for celebrities and wealthy individuals. In reality, prenups are simply an agreement between two parties stating how assets will be divided if a divorce occurs. Without such an agreement, property and asset division post-divorce is governed by the state. Some states require a 50/50 split, while others go by equitable distribution – division based on what each individual earned or acquired during the marriage.
Other than wealth protection, there are some equally valid reasons why couples may seek the assistance of a divorce law firm to put together a prenup before exchanging “I dos.” With student loans, for example, a prenup can allow for some type of compensation if the other spouse helped the loan holder pay off their debt. With cherished pets, a prenup can specify who would own Fido or Fluffy in the event of a divorce.
Couples can also determine in advance if frozen eggs or sperm will be considered separate property, although there may be some legal complications if a donor is used. This issue may be avoided if a prenup states that any embryos created with one spouse’s egg or sperm and donor material would be that spouse’s property as long as the purchase was made with separate money. And deciding in advance whether or not business interests will be marital or separate property may avoid some post-divorce legal hassles.
It’s not unusual for one spouse to take a break from their career at some point during a marriage, especially if children come into the picture. For this reason, couples may want to address how a spouse taking a career break would be compensated during the marriage and in the event of a divorce. A lawyer can draft a prenup that’s fair to both parties at the time. But if circumstances change, an attorney might amend the prenup as long as both spouses agree. A Release of Marital Agreement can also be prepared if there is a mutual desire to cancel the prenuptial agreement.