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Should You Create a Prenuptial Agreement?

On Behalf of | Jun 13, 2019 | Family Law

Marriage is an exciting step to take with your romantic partner, and there are any personal and legal benefits you may gain by getting married. However, it is also important to understand that you may end up losing property and/or financial assets if you get divorced. Hawaii law does not follow a “community property” stance that splits property equally between divorcing spouses. Instead, a court may divide your assets in the event of a divorce. Creating a prenuptial agreement may help you retain some control over your financial circumstances in the event you get divorced.

If you get divorced in Hawaii, a judge may determine which property and assets go to you and your spouse. In most cases, a judge takes several factors into account when making property determinations: employability, skills, medical needs and special financial circumstances. He or she may also factor in the value of any unpaid work that you may perform, such as maintaining your household and being a caregiver to your children.

Creating a prenuptial agreement may allow you and your spouse to feel financially comfortable when entering into a marriage contract. Having such an agreement may also allow you both to reach an amicable decision on property division that a judge may simply approve. According to FindLaw, there are several potential benefits of signing a prenuptial agreement. You may designate which property belongs individually to you and your spouse, which may help protect specific assets from division during a divorce. You may also want to sign a prenuptial agreement if you own a business or have significant financial debt. An agreement may also specify the terms of spousal support.

This information on prenuptial agreements is intended for educational purposes and should not be interpreted as legal advice.