A prenuptial agreement is a contract that defines what happens to property and debt in the event of death or divorce. A well-drafted prenup can be an important tool for protecting your future self, as it ensures you are not walking away with nothing if the marriage ends. This post will explore four reasons why you need a prenup before tying the knot and how they might apply to your circumstances.
- You’ll have peace of mind knowing that your assets are protected
In a divorce, prenuptial agreements can help you structure how your property should be divided between you and your partner. Without one, the division may come down to who contributed what while married (and not necessarily in line with current market value). If you’ve built up property together or accumulated debt together, a prenup can work to your advantage if the marriage does not last.
You can also have prenups drafted before tying the knot that protect your inheritance from outside individuals who might try to take it away in a divorce (i.e. adult children, previous partners, etc.).
- It’s a good way to prevent disagreements later on in the marriage
In prenups, you can lay out your wishes on what should happen to property and debt should you inherit it or acquire it after the prenup is signed. You may also want to decide how you would like child custody handled before getting married, especially if you or your partner already have children from a previous relationship.
- You can avoid potential legal battles if you get divorcedÂ
Prenups are an effective tool for pre-empting future disputes in divorce proceedings, as they clearly state the intentions of both parties at the outset of the marriage. Prenups may also be beneficial if one partner has less money than the other. A prenup may help them keep more of it in a divorce by specifying that pre-marriage property and debts remain separate.
- A prenup is a great tool for couples who want to protect their children from future disputes over inheritance or child custodyÂ
When arguing over issues like child custody and guardianship, prenuptial agreements can be a great way to spell out your intentions for the future. They show that you or your partner have considered these matters before and are not just making decisions on the fly.
 A prenup can also help your children because it may encourage good communication between spouses about money matters. By discussing financial issues before they become problems, you and your partner can decide together how to deal with any financial problems before they turn into crises. This doesn’t mean that you’ll never fight about money; it just means you’ll have a prenup in place to help resolve whatever financial disputes arise between the both of you.
In addition, prenups that deal with marriage breakdowns should include special provisions designed to protect children and their inheritance.
To conclude, it is for these reasons that prenuptial agreements have become more common in the past few decades. As prenups gain popularity, they are likely to become even more vital to protecting future partners and families from legal disputes which can be lengthy and difficult to resolve.
The bottom line is that prenuptial agreements are legal contracts that can be drawn extensively to cover almost any eventuality. If you and your partner have something special to protect, it is worth having a prenuptial agreement so that you can both keep what’s yours and avoid conflict during the divorce process.
Remember that prenuptial agreements are not necessarily a prelude to divorce and can be drawn up for numerous reasons. One common reason is to make it clear what should happen to assets if the marriage does not last because one partner has pre-existing debts or is in the process of filing for bankruptcy.
Another important thing to remember is that prenups can be drawn up after marriage has already taken place, but the best prenuptial agreements are pre-emptive: they set out how you expect your relationship to progress and what you’re trying to protect if it doesn’t.
We hope you’ve learned a lot about why prenups exist and how they can protect your assets in case of divorce or death. If you have any questions, please don’t hesitate to call our team for a free consultation on whether or not a prenuptial agreement is right for you.
