3 Examples When Prenuptials Make Sense

There are a lot of sacrifices you might be willing to make for your spouse, but you might feel very differently if you were not together. For example, if you get married and your spouse has a lot of debt, you may find yourself paying off their debt even if you are no longer together. That is just one example of a reason why people might be interested in prenuptial agreements before they get married. Unfortunately, about half of all marriages do end in divorce. A couple is more likely to arrive at a mutually agreeable plan, or a healthier perspective on what is fair when the two are still getting along with each other. To think that they will arrive at a better decision once their thoughts are clouded with anger, could be unrealistic. Of course, no one gets married with the idea of getting divorced, but there are times when it makes sense to have prenuptial in place before getting married. If you’d like to hear 3 specific examples of when that might make sense, just read on. 

1) Debt or Income Differences

If there is a huge difference in the amount of debt, or the average income that two people bring into the marriage, it may make sense to have prenuptials drawn up. Again, you may be willing to help your spouse pay off a huge amount of debt if you were married, but to think about paying that debt off for someone who’s no longer with you, that’s a different story. If you make considerably more money than your spouse-to-be, you might want to have a prenuptial to avoid having to share a large amount of that income with an ex, should the unthinkable happen to your relationship.

2) Owning Your Own Business

When you put your blood sweat and tears into building up your business, your clientele and your reputation, you may be very willing to share all the benefits from that business with your spouse. But if you were to split up, it would be devastating for everything you worked for to be taken or to have to sell it in order to buy out your ex. If you are a business owner, we would be happy to sit down with you to discuss how a prenuptial could protect your livelihood in the event of a divorce.

3) Kids from a Previous Relationship

One of the biggest reasons to have prenuptials is if you have kids from a previous relationship. Obviously, there are sentimental items and things your kids will inherit that will have no value to your new spouse’s family. Prenuptials can outline that those family heirlooms, photographs, etc. stay within the family they originated. Prenuptials can also be comforting for kids on both side of the family knowing that their interests are being looked at and protected as you make this decision to get married.

Get the Information You Need to Make an Informed Decision

While it may be uncomfortable to talk about prenuptials, the situation you could find yourself in if you don’t have them can be much more uncomfortable. At Gibbons Law Firm, we understand you may have questions, and we offer free initial consultations so you can know where you stand and have the details to decide whether or not a prenuptial is a good fit for you. Our family law attorneys in Lake Ozark have the experience and compassion to help you through the entire process. Just give our lawyers in Lake Ozark a call to schedule your free consultation about prenuptial agreements in mid-Missouri. If you’d like to hear more helpful legal information from time to time, we invite you to follower us on our social media channels. Just use the links below to select the platform of choice.

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Lake Ozark, MO 65049

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When Prenuptials May Be Right for You

Many people don’t think about the legal aspects of getting married. If you were going to have a business partnership, you wouldn’t think twice about having a contract that outlined what would happen if you dissolve the business partnership. But even though over half of all marriages end in divorce, some people are hesitant to think about why prenuptials could be a good idea. They can potentially take a lot of uncertainty and pressure off the couple getting married. They can also provide more security for kids you may have from a prior marriage. You are the only one that can make the decision on whether prenuptials are right for you. That is why it’s good have an understanding of when they might apply to your circumstances. If you’d like to hear five common reasons when prenuptials can be beneficial, keep reading his blog.

1) Kids

Prenuptials may make sense if you have children from a previous marriage. There may be things that have been passed down through generations in your family to which your children have sentimental attachment. But they will have no value to your fiancé‘s children. By having a prenuptial agreement you can look out for your children’s interests and make them feel more protected and comfortable with you remarrying. Our attorneys in mid-Missouri are able to provide the information you need to make the best decision for you and your kids.

2) Debt

If your fiancé has a large debt burden that you do not want to be responsible for if you are not married, prenuptials might be the answer. If you are not comfortable being responsible for debt that you did not create, especially if you and your fiancé are no longer together, talk to our family law attorneys at Lake of the Ozarks to learn more about getting a formal prenuptial agreement.

3) Business

If you own your own business you might have a good reason to consider a prenuptial. After all, you have put your all into it building a name for yourself, establishing a clientele, and creating a livelihood for yourself from the ground up. If you have business partners other than your spouse, they may want you to have a prenuptial as well, in order to protect their business interest with you.

4) Income

If your income is significantly higher than your fiancé’s, it might make sense to have a prenuptial agreement. You have every reason to share your assets fully with your spouse. But if you are not together anymore, would you be fine with paying alimony if required to? It might be worth taking the time for a free consultation with our lawyers in Lake Ozark to learn more about prenuptial agreements in mid-Missouri. 

5) Inheritance/Retirement

Do you have a retirement or a potentially significant inheritance? Then prenuptials could be a good idea for you. Obviously you would want your future spouse to benefit from your retirement or inheritance as a married couple, but would you want to share it with them if you were no longer together? Would the loved one leaving in the inheritance want part of it to go to them if they were no longer with you, or would they rather it go to you or your children? 

Making an Informed Decision

Whether or not to get prenuptials is a decision only you can make. But it’s good to have the facts when making such an important decision. It has a lot to do with your individual circumstances and your personal risk tolerance. If you would like to sit down for a free initial consultation, we would be happy to look into your circumstances and give you the information you need to make a more informed decision. Just call (573) 348-2211 to schedule your appointment. We also will be posting additional helpful information to our social media channels regularly. If you’d like to stay in touch with Gibbons Law Firm, be sure to follow us on your favorite platform using the links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

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2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

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Prenuptials - Why They Might Make Sense for You

It is sometimes assumed that when discussing prenuptials, it is a sign of doubt about the marriage or the relationship. But that is not necessarily what the purpose of prenuptials is. While it is true that over half of all marriages end in divorce, as divorce attorneys in central Missouri we do believe in hoping for the best but preparing for the worst.  But we also know that prenuptials can actually remove some of the fear of the unknown and take stress off the relationship, especially regarding things like children from a previous marriage, estate planning, etc.  If you are planning to get married and curious as to whether prenuptials are a good idea for you, Gibbons Law Firm is here to help. Whether or not you should have prenuptials depends on your individual circumstances. Our attorneys in Lake Ozark would be happy to sit down with you for a free consultation to help you understand what your risks and options are. If you’d like to learn about five situations where prenuptials may be a helpful thing, we think you will find this blog informative. 

Blended families

If you have children from a previous marriage, it may be important to have a prenuptial agreement to protect their interests. For instance, there may be family heirlooms and sentimental items from your side of the family that your fiancé‘s children will have no interest in because they are from people that those kids are not related. They may not have a lot of value, but they may mean a lot to your children. Having a prenuptial agreement can specify where your assets will go if you were to pass away. If you would like advice on how to look out for your children as you get married, our lawyers in central Missouri have the experience to help you make an informed decision.

Business owners

If you own your own business and have put years of your life into establishing your reputation and creating a livelihood for yourself, a prenuptial can make the decision to get married much less intimidating. If you have a business partner, that is not your spouse to be, they may have a critical interest in prenuptials to secure their business partnership with you as well.

Inheritance or Retirement

If you have a loved one or a family member that you believe is likely to leave you a significant inheritance but would only want to include your fiancé if the two of you were still married, then a prenuptial would make sense. It is a way of protecting the wishes of the person who would want to leave you that inheritance. The same applies to your retirement. You may be fully willing to share your retirement with your spouse … but not if they become your ex. 

Income

Do you earn significantly more than your fiancé? While you may wholeheartedly bring all of your financial assets to the marriage, how would you feel about sharing your financial assets for the rest of your life if the two of you are not together? Are you prepared to pay alimony if necessary? In order to help safeguard yourself from that possibility, a prenuptial agreement is worth considering.

Debt

Is your fiancé bringing a huge amount of debt to the marriage? Do you want to take on financial and legal responsibility for debt that you did not create? Are you willing to pay for that debt even if you and your fiancé are no longer together? That may be the risk you’re taking without a formal prenuptial agreement. If you have concerns, our mid-Missouri divorce attorneys are here to answer your questions.

If  You Have Questions, Gibbons Law Firm Has Answers! 

As you can tell, the question of prenuptial agreements has much more to do with your individual situation than your thoughts about the marriage. It completely depends on your circumstances and your risk tolerance. No one can tell you whether you should or should not get prenuptials. That is something only you can decide. But if you have questions and would like informative answers to help make your decision, Gibbons Law Firm is willing to sit down with you for a free initial consultation. We urge you to call us today to get scheduled. If you’d like to stay in touch and hear all the latest tips and information from our law firm, be sure to follow us on social media using the handy links below.

Remember, your initial consultation with Gibbons Law Firm is always free.

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2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

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When Should You Consider Getting a Prenup? 5 Examples to Consider

Talking about prenups or prenuptial agreements can be uncomfortable, but it doesn’t have to mean that the couple getting married doubts the marriage.  It is more of a way to eliminate the fear of the unknown.  As lawyers in the Lake of the Ozarks, we cannot forget that 50% of marriages end in divorce.  While prenups are not necessary for all situations, there are some specific situations when it might be a good idea to consider them.  If you are engaged to be married and would like to know your options and seek advice for your situation, call Gibbons Law firm today to schedule a free consultation.  If you are interested in learning 5 reasons why someone may want to get a prenuptial agreement, keep reading this blog.

1) Do You Have Children from a Previous Marriage?

It can bring a lot of peace of mind to your kids to know their interests are being protected as well.  You may have preexisting assets or family heirlooms that you want to go to your children, and that may not happen without a prenuptial agreement that specifies what assets will go directly to your children (rather than your spouse e.g.) if you were to pass away.  Our experienced lawyers at Lake of the Ozarks can help guide you in the options you have for looking out for your children with a prenuptial agreement.

2) Will Your Fiance Be Bringing a Lot of Debt to the Marriage?

If your significant other has accumulated a lot of debt prior to you getting together, you might consider a prenup to establish that they are responsible for that debt, and not you.  Without a formal agreement, you may be taking on all the debt that your fiancé has as soon as you are legally married. 

3) Do you Own a Business?

Someone who has spent years of their life creating a business and establishing a livelihood and reputation as a business person may be reluctant to risk losing half of what they have worked for.  A prenup can provide some security in that situation.

4) Do you Expect to Receive a Large Inheritance or Have a Retirement Plan?

If you know that you are likely to receive a valuable inheritance of money or assets, it is likely the person leaving that to you would only include your fiancé in the event you were together.  Getting a prenup is a way to protect their wishes.

5) Do you Earn Significantly More Money Than Your Fiance?

Of course, you are willing to bring your financial assets to the marriage as a partner, but if you were no longer with your fiancé, would you be prepared to give up part of your income to him/her for life if you divorce and are required to pay alimony?  That is another example of how a prenuptial agreement can be used to safeguard your current and future money and/or assets.

Have Questions About Prenups?  

At Gibbons Law Firm, we are here to help.  Our mid-Missouri attorneys can help make the conversation easier and walk you through the process.  When it comes to whether or not to get a prenuptial, it is a personal decision and an important decision that should be made with the proper information. In so many ways in life, we think it is best to hope for the best and prepare for the worst.  If you would like to talk with an attorney at our Lake Ozark Law Firm, call the number below to schedule a free consultation.  

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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5 Legal Documents You Want In Your Home

If you have never spoken with a lawyer about the details needed for family law and estate planning, it may feel a bit overwhelming. In fact, a majority of households in the United States are missing some vital pieces of paper in their home because it seems like it would take too much time, cost too much money, or don’t know where to start. A study by caring.com showed that 57% of U.S. adults do not currently have estate planning documents. Another study by the same group showed that more than 50% of Americans have talked about estate planning, but fewer than half have done anything about it. However, more and more millennials are putting importance on creating a will or a living trust.

A will seems like the most popular types, but several other documents could be important to have in your home, depending on your place in life. Here are a few documents that may be important to have in your home.

Will

This is generally going to be at the top of the list, no matter your age, position, job, marital status, or how many kids you have. If you have real estate, other property, minor children, or assets, you will need a will. If you think this covers pretty much everyone, you are right.

Living Will or Healthcare Directive

A living will or healthcare directive allows you to dictate in advance what type of medical care you do (or do not) wish to receive if something happens to you. This is becoming an increasingly popular and important document for individuals.

Power of Attorney

This is a document that will give the person that you choose the authority to represent you. They can use this in legal, financial, or personal matters.

Babysitter Authorization

Do you leave your children somewhat regularly with a caretaker? Have a lawyer prepare an authorization form which you can give your caretaker. This provides them with the power to authorize emergency care for the child in the parent’s absence. HIPPA and medical malpractice suits have made hospitals reluctant to treat children in the absence of their parents.

Prenuptial Agreement

In Missouri, studies have shown that men marry by 28.3 and women marry by 26.9 on average. This means that the individuals have most likely accumulated assets before marriage. If so, you may want to consider having your Lake of the Ozarks lawyer prepare a prenup to help minimize acrimony in case of divorce. Other studies show there were 3.1 divorces for every 1,000 people in 2017 in Missouri.

Being Prepared

You can’t know what is going to happen over your lifetime, and while you can’t necessarily prepare for it, you can do your best. Having a family lawyer at the Lake of the Ozarks can help you prepare your estate, make plans for your family, and make it easier on those you love in hard moments. If you are ready to take the plunge and get your affairs in order, Gibbons Law Firm is here for you. We can help you draw up documents to keep in your home, and in other safe locations so that your desires are known in those unexpected situations.

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Top 7 Reasons to Consider a Prenup

Are you recently engaged or thinking of popping the question in the near future? While this is an exciting time, it's important to plan ahead for your future together. As you and your soon-to-be spouse prepare for your big day, you can easily get caught up in the hustle and bustle of wedding planning. As an experienced lawyer at the Lake of the Ozarks, we know how important it is to think beyond your wedding day. Signing a prenuptial agreement may seem like a tough subject to bring up but it's an important discussion that needs to take place before the big day is here. If you are wanting your spouse to sign a prenup, bring it up right away. Be upfront about your feelings and don't wait until the last minute to spring the news on your future spouse. If you're debating signing a prenuptial agreement, take a look below for some of the clear reasons why you should!

Reason #1 - The rate of divorce.

Almost half of all marriages end in a divorce. This fact is astonishing to many and can make you nervous for the future. While you're entering into a marriage, you don't plan on getting a divorce - it can still happen. Feelings change, people change, and situations change in which you may not feel like you once did and wish to lead separate lives.

Reason #2 - Significant financial difference.

If one of you make a significantly higher income, it's a good idea to protect your assets with a prenup. Whether it's a high paying position at work or a wealthy family, you and your future spouse should sign documentation to decide what will happen in the future, if there is a problem with the marriage.

Reason #3 - Previous divorces or children. 

If you have a history of divorce, you know how hard the process is. Also if you or your spouse have children from outside the marriage, it's a good idea to have a plan as to what will happen if the marriage doesn't work out. Try outline a plan ahead of time, should the marriage dissolve. This can help alleviate a big headache down the road if you have already worked out an agreement.

Reason #4 - Business ownership. 

If you or your significant other owns a business, a prenuptial agreement can help protect that venture, should the marriage end. If the business owner has partners, they may insist on a prenup being signed to help better protect the business. While getting married is an important life decision, you still need to look out for your business and other assets in the process.

Reason #5 - Unpredictable Future

The future is unknown. While no one plans on getting a divorce while they enter into a new marriage, the truth is that it does happen. Since there is no way to predict the future, it's best to legally protect yourself and your assets with a prenup before saying "I do".

Reason #6 - Make things easier down the road. 

Signing a prenuptial agreement can help create a plan as to what happens to the assets of each individual in the marriage. This can come in very handy if the marriage does end. This plan can easily be executed and creates a less-stressful divorce process if it comes down to that.

Reason #7 - Plan to stop working. 

If you or your spouse plan to stop working once you get married, a prenuptial agreement is a good idea. It can help protect the asssets of both parties. Whether you both decide it's best for one of you to stay home with the kids or are in a good financial position to have one income, it's important to sign an agreement to help protect the income and exisiting assets of everyone involved.

Now that you know some of the reasons why you should sign a prenup before you get married, you're ready to have that discussion with your soon-to-be spouse. Establishing a prenuptial agreement near the Lake of the Ozarks is in no way planning on getting a divorce before you even get married - it's an important document to help protect you and your future spouse's assets and plan for the unpredictable future. If you're wanting a prenup drafted, contact Gibbons Law Firm today. Our Lake of the Ozarks attorney can easily assist in your prenuptial agreement and ensure all the legal aspects are documented accurately.

Remember, your initial consultation with Gibbons Law Firm is always free.

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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Do You Need A Prenuptial Agreement?

Planning a wedding is a wonderfully exciting time. It's the start of a brand new chapter - the official joining of two previously separate lives. Most brides-to-be (and many of their grooms) are anxious to begin planning their big days, but the truth is that the ceremony and reception are only a small part of the preparations that need to be done to begin their lives together. Amidst picking out the dress, the rings, and the cake, soon-to-be newlyweds should also spend some time planning for their futures together.

The Background On Prenuptial Agreements

A prenuptial agreement (also called a "prenup" or a "premarital agreement") is a legal agreement that couples enter into before they lawfully become husband and wife. This agreement outlines how certain debts and assets will be divided in the event of a death or future divorce. Few individuals want to think about such unfortunate circumstances (especially during the otherwise happy time of planning a wedding), but it is nonetheless a crucial topic for engaged couples to discuss.

How To Determine If You Need A Prenuptial Agreement

The short answer is that almost every single couple can benefit from a premarital agreement. You may not ever end up using it if you stay married for the rest of your lives, but it is always better to have it and not need it than to need it and not have it. While it can benefit almost everyone, certain couples are especially prime candidates for prenuptial agreements. Here is a closer look at the types of couples who could benefit from setting up a premarital agreement at the Lake of the Ozarks.

Couples With Drastically Different Incomes
In some engaged couples, one individual may earn a significantly higher income than the other. In these instances, it may be wise to consider setting up a prenuptial agreement to specify how this income should be divided in the event of a divorce. Without a prenup, the lower-earning spouse may be able to take a significant portion of the higher-earning spouses's income in the form of alimony.

Couples With Drastically Different Debts
If either you or your soon-to-be spouse is entering the relationship with a significant amount of debt, you may be prime candidates for a premarital agreement. Unless otherwise specified in such an agreement, you may be required to share the responsibility of the debt during your marriage or after a divorce. (The flip side of this also applies: it may be advantageous to establish a prenup if one of you has significantly greater assets - such as retirement accounts - prior to entering the marriage.)

Couples With Children From Previous Marriages
If you or your fiancé has children from a previous marriage or relationship, building a prenuptial agreement may be able to help you arrange for the future support of your children. You cannot establish rules for child support within a prenuptial agreement, but it can be used to identify which of your preexisting assets should go straight to your children in the event of your passing (rather than going to your spouse, for example). 

Gibbons Law Firm Can Help You Establish Your Prenup

If you are getting married in the near future, contact Gibbons Law Firm for help setting up a prenuptial agreement. While it may not be the most romantic topic for you and your soon-to-be spouse to discuss, this agreement may prove invaluable at a later date. It is wise to finalize this document more than a month in advance of your wedding date, so don't wait. Contact our family attorney in Osage Beach MO to get started.

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Gibbons Law Firm

4075 Osage Beach Parkway, Suite 300

Osage Beach, MO 65065

(573) 348-2211

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No attorney-client relationship is created by the publication of this blog.