Many people think that prenups are only for the rich and famous. Though celebrities may have more at stake, a prenuptial agreement is a wise move for any couple preparing to get married. There are several reasons every person should sign an agreement prior to marriage, including protection of separate assets. Here are four other reasons everybody should consider signing a prenuptial agreement.
1. Easily divide current property
You probably already know that division of property is typically negotiated in the event of divorce proceedings. With no document outlining this process, however, disputes and confusion are almost certain to occur. A prenuptial agreement that clearly outlines each party’s rightful property can help avoid this and keep each person’s assets safe. This is important in cases where both individuals have valuable property or acquire valuable property over the course of the marriage.
2. Document specific agreements
In addition to division of property, there may be certain stipulations in your relationship that are important to protect. If you would like to outline appropriate recourse in the case of infidelity, for example, you can do so in the terms of your prenuptial agreement. This is an often overlooked use that can greatly benefit marriages and may even help prevent divorce in some cases.
3. Manage debt individually
Too many people get married only to realize that their partner has hidden debts and liens that affect both partners. In order to protect yourself and your family’s financial future, you should consider drafting an agreement that provides protections against surprise situations like these. If your partner’s debt is not a surprise, you may still want to make concessions for separate management so that your credit and finances are not affected by your spouse’s.
4. Make a divorce settlement easier
Prenuptial agreements are beneficial to marriages that do and do not end in divorce. If yours is the former, however, you will likely find yourself appreciating the protections provided by the terms. Nothing will speed up a divorce and limit conflict like a prenuptial agreement, and this is particularly beneficial if you have children. Without a pre-existing agreement, separations are likely to get contentious and messy, and this is often harmful to children who are caught in the middle of things.
An attorney can help you determine whether a prenuptial agreement is the right choice for you and your future spouse. If you decide that it is, a legal professional can assist you with drafting and finalizing the terms.