Are you the type of person who likes to be in charge of your own decisions? If so, you would probably hate your local government to decide things on your behalf. Unfortunately, this is precisely what happens when you dissolve a marriage without a prenup in place.
To avoid this, keep reading to learn more reasons why a prenuptial agreement is crucial.
1. Protect Each Other From Personal Debts
Debts can complicate a marriage and, more so, divorce. If decisions aren’t made before marriage about who handles debt payments, creditors can go after shared assets or those that belong to the unburdened partner. A family law attorney can help draw an arrangement that works well for both parties.
2. Ensure Assets Are Secure for Your Children
A prenup is essential if you’re entering into a marriage with children from a prior relationship. This will ensure that family heirlooms or premarital assets go where you want them to and are not subject to court decisions.
Another scenario this comes into play with is if you predecease your partner. In most states, marital property goes entirely to the surviving spouse. A prenuptial agreement will ensure your children don’t have to endure a trial to get what is rightfully theirs.
However, keep in mind that not all prenups are created equal. There have been situations where one has been deemed invalid by a judge, especially in cases where it’s ruled to be “unfair.” To avoid this from happening to you, it’s imperative that you consult a trusted family law expert.
3. Avoid Lengthy Court Proceedings During a Potential Divorce
When most get married, the last thing on their mind is divorce. However, preparing for the possibility of one can save a lot of time and headaches down the road. A family law lawyer can help you each address concerns in the unfortunate event you dissolve your marriage.
Without a prenup, this process can be long, complicated, and contentious.
4. Prevent Earnings Disadvantages for a Stay-at-Home Parent
If you or your spouse intends to stay home to raise your children, that person will be losing potential earnings and could be at a disadvantage should a divorce occur. A prenuptial agreement, made in consultation with family law attorneys, will ensure that the stay-at-home parent is taken care of. However, since it also outlines payment amounts, it will also protect the assets of the earning parent from being unfairly allocated.
5. Determine How You Will Divide Assets
Many don’t realize exactly what assets are at risk during a divorce. These might include:
• An inheritance
• The value of a business
• Stock options
• Family heirlooms
• Life insurance benefits
If any of the above is something that you or your partner want to keep separate from the marriage, it’s essential that you have a discussion and look into hiring a lawyer.
A Prenuptial Agreement Protects the Interests of Both Parties
Many assume that a prenuptial agreement is only there to protect the wealth of one partner, but that couldn’t be farther from the truth. In fact, an agreement that isn’t fair to both parties can be deemed illegitimate. Your prenup should work for both of you and can provide some peace of mind that you’ll both be taken care of ahead of your upcoming marriage.
Interested in more information? Then check out the other articles in our Law section.