No one gets married with the intent to divorce in a few years. Most expect to spend their entire life with the special person they marry. However, the future can be unpredictable, even for the best of couples. Prior to your big day, there’s something you need to consider just in case your marriage doesn’t last a lifetime — a prenuptial agreement.
No one wants to think about preparing a prenuptial agreement because they don’t want to believe a divorce may happen, but there are many financial benefits of a prenuptial agreement. Although it may be a difficult choice to make, chances are you will never need to use your prenuptial agreement. But should a divorce occur, you’ll take comfort in the fact you took the necessary steps before hand to protect yourself financially.
Assets and Property
A prenuptial agreement is very effective for protecting assets and property acquired prior to marriage. Whether you want to protect your assets and property for principle or practical reasons, it will simplify the divorce process when assets and properties are evaluated. It may also come into play when determining who is obligated to pay child support, alimony, and other court-ordered payments.
It’s not uncommon for one spouse to have more debt than another spouse prior to marriage. With a prenuptial agreement, the spouse with the debt will be required to be held responsible for that debt, protecting the assets you may have gained during marriage.
A prenupt will help you keep any personal assets you may have, both during and before marriage. For example, if you have a family heirloom, a prenuptial agreement will ensure that heirloom stays with whom it was intended. The same can be said for businesses. If you’re an owner of a family business, it can be protected under a prenuptial agreement.
Having this document in place means you’ll know what to expect should you have a divorce. You’ll already have the financial agreements and understandings prior to marriage. With the formal agreement, you’ll know what to expect and not have to worry so much about who will get what in a divorce.
Cut Legal Fees
By taking the time to create a prenuptial agreement, your divorce will flow smoothly with fewer delays because there’s less to fight over with an agreement already in place. Since there will essentially be less work involved with the divorce, your attorney fees will be less as well. These factors combined mean less stress for you and your family as the divorce is handled quickly.
No one wants to think their fairytale marriage is going to end in divorce. However, nearly half of marriages end in divorce. Take the extra step before marriage to protect yourself with the benefits of a prenuptial agreement.