If you are considering marriage and you have significant real estate or property of any kind that you’ve acquired on your own, drafting a prenuptial agreement could be a wise choice to ensure that you retain those assets should you and your future spouse ever find yourself staring down the face of a divorce.
Ohio Marital Property Laws
The state recognizes “marital property” and “separate property”, meaning there’s a delineation between property acquired during a marriage and outside of it. Ohio does not recognize “community property,” where all property is jointly owned. In most cases, property division is distributed equally in a divorce. Although Ohio recognizes the separation of “real estate, personal property, or interest acquired by one spouse prior to the marriage,” (Ohio Revised Code Title XXXI)
What a Prenuptial Agreement Can Protect
Perhaps most importantly, a prenuptial agreement can identify which properties or real estate was acquired before the marriage as opposed to during. The implications here are obvious as a properly written agreement could protect houses, business properties, and more. If an agreement is made before the marriage, it could also save a lot of time with negotiations as there’s already an outlined understanding of what is up for transaction and what is not.
Setting Particulars for Children or in the Event of a Spouse’s Death
A prenuptial agreement could be a good way to set aside real estate or property for current (or future) children. You could set aside a home for them to live in or a potential business property to have on hand for a sale should they need the proceeds to live on. Alternatively, a prenup can spell out what is to happen with property in the event of a spouse’s death. Should property go to the spouse? To family? Another qualified individual? These are all important questions to consider.
Richard P. Arthur, Attorney at Law has 29 years of experience advocating for Dayton and Trotwood clients and their prenuptial needs. He understands the complex nature of building these agreements and how to complete the process with care and rigor. Call 937-254-3738 to learn how his experience can work for you.