Prenuptial
Getting married? Protect your future with a prenuptial agreement
What is a Prenuptial Agreement?
Deciding to get married is often a joyous moment for couples. While you may be excitedly planning your future together, it’s also wise to prepare for the possibility that things may not work out as you hope. A prenuptial agreement ensures that both partners are on the same page and understand what is at stake if marital problems arise. It makes a divorce less costly and lengthy should you decide that splitting is the best option in the future.
Creating a valid prenuptial agreement that addresses all potential issues can be a complex legal process. The services of an experienced prenuptial agreements lawyer are invaluable in navigating this process. Prenups have become more accepted and common among prospective Israeli couples. They are no longer limited to wealthy individuals but are now chosen by people of all economic classes who take a pragmatic view of the financial realities of marriage and divorce.
What are the benefits of a prenuptial agreement?
A prenuptial agreement can provide clarity and protection for various aspects of your financial and personal life. Here are some specific benefits:
Couples Involved in Joint or Separate Business Ventures
- Protects business interests and ensures that the business is not adversely affected in the event of a divorce.
- Clarifies ownership and management rights.
Couples with Significant Assets, Debts, or Income Disparities
- Safeguards individual assets and defines responsibility for existing debts.
- Ensures a fair distribution of assets and liabilities.
Couples Anticipating a Substantial Inheritance
- Protects future inheritances and keeps them separate from marital property.
- Provides peace of mind for both spouses regarding the handling of family wealth.
Couples with Property or Assets in Multiple Countries
- Addresses the complexities of international property ownership.
- Ensures proper legal treatment of assets across different jurisdictions.
Couples with Complex Tax Planning or Financial Needs
- Helps manage tax liabilities and plan for future financial stability.
- Facilitates estate planning and other financial strategies.
Same-Sex Couples or Cohabiting Couples
- Provides legal protections that may not be available under Israeli law.
- Clarifies rights and responsibilities in the relationship.
Couples Who Have Been Married Previously
- Protects assets and interests from previous marriages.
- Ensures clarity in the division of property and financial responsibilities.
What happens if you do not have a prenuptial agreement?
Ideally, if you do not have a prenuptial agreement, you and your spouse will be able to arrange your own division of assets by negotiating a divorce agreement with the help of a lawyer or mediator. A divorce agreement is very similar in content to a prenuptial agreement, except it is created after the couple has decided to end their marriage. Sadly, many marriages do not end on good terms, and the couple may be unable or unwilling to negotiate an agreement.
Israeli law uses a “resources balancing arrangement” as a default method to divide property between the ex-spouses if a couple cannot reach a mutual divorce agreement. All joint property accumulated during the marriage will be divided equally. Even if only one spouse worked or handled the finances during the duration of the marriage, the law views a married couple as a unit that mutually worked toward the same goals. Hence, they both have an equal right to jointly acquired property and assets. Common property that the court will divide includes:
- Property purchased during your marriage, including vehicles, homes, and businesses.
- Financial assets, such as investments, savings, and bonds.
- Retirement funds earned while married, excluding pensions.
While the court has the right to regulate property you accumulated while married, any assets you owned before the marriage and kept separate will likely not be included in the divorce. Other assets that may be excluded from the division of property are the following:
- Certain inheritances and gifts given to one spouse, if they have been managed separately.
- Pensions, such as disability, old age, and widow’s pensions.
Get legal guidance
Creating a well-crafted prenuptial agreement can be a complex legal process, but it offers significant benefits. The services of an experienced prenuptial agreements lawyer are invaluable in navigating this process. At Hait Family Law, we are dedicated to helping you create a prenuptial agreement that protects your interests and provides peace of mind for your future.
Contact Hait Family Law for expert legal advice.
We can help you craft and organize your Prenuptial Agreement. Contact us to schedule a call to discuss how this important document can benefit you and your relationship and learn how we can assist you in the planning process as you enter this new phase of your life.
