How to Add Gambling Consequences to a Prenuptial Agreement?
3 minutes
Posted by: David
Throughout history, a prenuptial agreement was usually considered something reserved for wealthy people and those who are getting into marriage not because of love but because of some other (read financial) interests.
However, the history of divorces has taught us that such an agreement can be useful for non-wealthy people as well, even for those who are in huge love at the time of their wedding.
With a prenuptial agreement, many unpleasant situations can be avoided, while protecting some specific assets of each partner.
When someone mentions a prenuptial agreement, the first thing that comes to mind is that this agreement is all about how assets are divided in the case of divorce.
In reality, things are far more complex than that. With this arrangement, you can protect so many other things and be prepared for all kinds of challenging situations. This holds true for poker players as much as for anyone else.
For example, you can protect your business or minimize future divorce costs. Also, if you've already been married and have kids, you can provide for them as well.
You can designate certain assets for kids from the first marriage as well. Finally, you can even clarify certain financial expectations from the marriage.
Gambling Debts and Prenuptial Agreements
You can do one more thing with this kind of agreement. Yes, we are talking about debts, and this includes gambling-related debts as well.
For example, if your future partner has a history of problem gambling, you can shield yourself from all partner’s debts, current and future ones.
You can also be more specific and point out specific situations, such as gambling consequences (check at Foxbonus). This allows you to exclude yourself from your partner’s responsibilities.
To accomplish this, all you need to do is clearly state these issues in the prenuptial agreement. For example, you can dedicate one paragraph to these problems and concisely state that your partner will be responsible for any debts he/she acquires during the course of the marriage.
In such a way, you will avoid a possible scenario where creditors try to come after you for repayment.
It may not be the most romantic thing, but in some cases, such a clause is certainly warranted.
While you can always draft a prenuptial agreement yourself but it won't harm you if you consult your attorney or even let them do the job.
In that case, you won’t have to worry about the form of your agreement. Professionals will write such a document in a more appropriate style, which will leave no room for different interpretations.
Since a contract like this can have far-reaching consequences, you’re probably better off letting someone with the experience and know-how do the job.
Other Important Benefits
As we've just mentioned, a few more things can be determined with a prenuptial agreement. We've just written a few lines about minimizing divorce costs, but for those who have kids from a previous marriage, the most important thing is to protect their assets.
All you need to do is to clearly state that certain assets will be designated for a child. So, if a divorce occurs, these assets won’t be considered as part of the marital property to be divided.
This may refer to different assets such as houses, apartments, vehicles, jewelry, etc.
Naturally, it’s important to keep your business out of potential divorce troubles. If you own a business or plan to start a new one in the future, you should clearly state in the prenuptial agreement that your partner will not have any claim to the business if divorce occurs one day.
For professional gamblers and poker players, such a clause can be a good way to protect your bankroll, as it is considered a part of your business assets.
Those would be some of the key points that should be covered with a prenuptial agreement. What’s important to have in mind is that this document always has to meet government or state requirements.
That’s why we always recommend consulting attorneys who have specialized in this field. That’s the only safe way to protect you and your family from unforeseen consequences.
