While the thought of a prenuptial agreement may not seem romantic, such a document is becoming more common among the engaged, with good reason. A prenuptial agreement is not only for couples with high incomes. There are plenty of reasons having one in place is a smart idea.
You are likely not getting married with the assumption you will need a prenuptial agreement, but unfortunately the divorce rate is high. For that reason and more, a prenuptial agreement is a wise thing for virtually every couple to pursue.
Property division details
Divorce is already filled with stress and difficulties. Arguments over dividing property can make it even more acrimonious. A prenuptial agreement that details property division can reduce legal battles. Having this set in place reduces the need for haggling for property, reducing lengthy court battles.
Separate property protection
While automobiles and real estate may fall under this category, separate property may not always refer to something tangible. This document can also protect your business assets. You should be entitled to your separate property, and a prenuptial agreement can guarantee this.
Some couples may choose to use a prenuptial agreement to determine specific aspects of the relationship. For instance, provisions for what to do in instances of unfaithfulness or one spouse leaving the workforce may be included.
Personal debt responsibility
Considerable debt can result in significant problems. If you get married to someone with a lot of debt, you may become responsible for it. A prenuptial agreement can protect you from assuming your spouse’s debt during dissolution.
You are remarrying
Financial and legal concerns are particularly different when you are entering a second, third or fourth marriage. You may be entering the marriage with children, support obligations or significant personal assets. Signing a prenuptial agreement ensures that your assets are protected and will be distributed properly in the event of death.
Having a prenuptial agreement means less pressure. It does not increase the likelihood of divorce; it simply provides protection for both parties should it ever happen. These agreements are becoming more common these days with people who are realistic and proactive about their responsibilities. Conscientious and forward-thinking couples will do whatever they can to protect themselves and each other. If you end up staying married, the prenuptial agreement will have no effect. Should the worst occur, both of you have protections set in place. If you have any concerns regarding divorce, including distribution of property and hidden assets, get in touch with a family law attorney.