At Proffitt & Associates, we provide guidance that enables you and your family to move through life with clarity and confidence. That starts with explaining the legal matters virtually every family will encounter over the course of a lifetime, outlining how you can prepare and letting you know that we’re here to help.
Start your marriage on solid ground
People like to think about marriage in the context of love, but it’s also a legally binding agreement. As part of that agreement, you consent to share in the assets — houses, cars, income, pensions — you will build over a lifetime.
In a divorce, those assets can be hard to divvy up. You are making big decisions during an emotional and challenging time, and the question of who gets what isn’t always clear. That’s where a prenuptial agreement can provide significant value.
These agreements are signed before marriage, and they determine how assets will be divided should that marriage come to an end. It’s a necessary step for limiting your exposure, and it’s not just for the wealthy. Anyone can benefit from one.
No marriage begins with a future split in mind, but it pays to acknowledge that divorce is a possibility — and preparing for the worst can save you time and trouble down the road.
It’s never too late to get it straight
While it’s best to reach an agreement on asset division before marriage, you can iron things out after you’ve tied the knot, with a postnuptial agreement.
Postnuptial agreements are akin to prenuptial agreements in that they are an opportunity for spouses to come together and lay out a legal framework for dividing assets in a divorce. When done correctly, they still carry weight in court.
Spouses can sometimes feel blindsided by these discussions, but it’s important to remember that the overarching conversation around asset division is a must-have. Your livelihood is at stake. And if your marriage ends in divorce, it’s a topic you and your spouse will have to reckon with, one way or another.
A postnuptial agreement is one last opportunity to avoid complications, and it’s much easier for spouses to agree to terms when the relationship is working, rather than falling apart.
Control your destiny with power of attorney
As we age, there often comes a point when we can no longer take care of ourselves, whether due to an accident or chronic illness. If that happens to you or someone you love, you need to rely on someone you can trust, and that relationship needs to be in writing for it to hold up in court.
Power of attorney is the legal authority to make decisions for and act on someone else’s behalf. It can be used temporarily or in perpetuity. And when assigned to the right person, it’s a very effective tool for keeping important affairs in order.
This power can also be far-reaching, depending on how it’s outlined. So, it’s important to understand the legal implications before assigning an agent. It’s equally crucial to set one up beforehand, too. Otherwise, given your situation, the state could assume power of attorney.
Plan for after you’re gone
You’ve worked hard for your assets, and you should get to decide what happens to them when you die. A last will and testament allows you to do just that. It’s a roadmap for how your assets should be divided among your living heirs. Consider it your last chance to leave a legacy within your family — and to prevent a battle over inheritance. People come out of the woodwork when valuable assets are up for grabs. A will helps you bypass all that conflict with a plan for everything that needs to be handled after a death. An attorney can help you enforce it.
Let’s talk
With a competent attorney as your guide, you can use the law as a tool to protect your family, your assets and yourself. At Proffitt & Associates, we have the knowledge and the skills necessary to advocate for you, both inside and outside the courtroom. Contact us now to find out what our attorneys can do for you.