When two people decide to get married, it can be a little difficult to determine where the property rights lie between the two individuals. Luckily, an experienced attorney like us can help you make those decisions.
Also known as a premarital agreement, this type of contract is not just beneficial for the rich. More and more middle-income families are utilizing prenups as a means to clarify their financial rights, while also avoiding potential arguments that could be made in the event of a divorce. The agreement includes everything from property division to debt protection.
In this article, we will discuss the many different pros and cons of having a prenuptial agreement and whether your current situation constitutes having one in the first place!
Why a Prenup is a Right Choice
If you hold personal or business assets, it’s a great idea to have a prenuptial agreement in order to avoid any pitfalls that may harm your interests. You’re also protecting each other from assuming one another’s obligations, which may result in a more comfortable relationship.
In a way, it’s looking out for the financial interests of another, especially those who are entering their second or subsequent marriages. Trying to decide these matters after the vows are said can be problematic, especially because each state has their own views on postnuptial agreements.
Why It May Not Be the Right Choice
Preparing for a situation where you’ll have a divorce can be seen as starting off on the wrong foot. To an extent, you are making a legally binding business deal with a loved one. You’re bringing an extra layer of legal business into a romantic relationship.
There are also unintended consequences that may come up as a result of a prenuptial agreement. It can be emotionally uncomfortable having to discuss these matters so early. On the other hand, this contract can be seen as protecting you from the unknown. Walking this tightrope can be challenging, to say the least.
Bottom line: a prenuptial agreement can save you and your spouse from a lot of heartache in the event of death or divorce. Unless you have this contract in place, the state will be the ones to decide what to do with an estate attached to your current marriage along with any past marriages. By putting this in place, you can avoid any arguments or litigation down the road and the two of you can make the important decisions about your marriage together.
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