Getting married is a huge milestone for several couples because in doing so, they are pledging a lifelong commitment to their partner. However, you should keep in mind that under the law applied in most jurisdictions, all the assets you have acquired before you got married will become a conjugal property between you and your partner once you sign a marriage contract. This is where prenuptial agreements come in, wherein certain assets remain under the sole ownership of the individual who has acquired them before marriage.

 Aside from this, below are some of the things that you should know about prenuptial agreements.

Basics of a Prenuptial Agreement

If you are keen on getting a prenuptial agreement, make sure to remember that fairness greatly matters, with both you and your partner fully disclosing your assets. However, certain circumstances may dictate fairness, such as having children or living a certain lifestyle after marriage. For this reason, the seasoned lawyers behind McFarling Law Group suggest that each party should be represented by their own counsel. This is because certain states require it, but more importantly, to ensure that the agreement is not thrown out simply because one of the parties did not have an attorney.

Benefits of a Prenuptial Agreement

Getting a prenuptial agreement proves to have numerous benefits for a couple. For one, it provides them with the ability to document their separate properties to protect it. This means that should they undergo the unfortunate circumstance of having a divorce in the future, each party will be able to walk away with the properties that they had before getting married. Getting a prenuptial agreement will also allow the couple to support their estate plan and avoid any further involvement of the court in terms of their property distribution. It is also through a prenuptial agreement that you will be able to detail any special agreements or avoid any conflicts in the event of a divorce.

When to Get a Prenuptial Agreement

Before getting a prenuptial agreement, it will help to reflect whether each of you has any substantial assets that you want to protect. In this case, consider whether either of you owns a real estate property or earns at least more than a hundred thousand dollars annually, or even own a business. If you do, then having a prenuptial agreement before tying the knot may prove to be a good call. Otherwise, getting one may not be worth it after all. In addition to this, getting a prenuptial agreement may also be a good idea if you have familial commitments that you need to consider.

Make sure that you have a good idea of the basics of a prenuptial agreement, keep in mind that fairness and proper planning matters. Rest assured that there are various benefits in getting one, but the key is to accurately identify if this kind of agreement is suitable for you and your partner. In the end, what matters is being committed to the decision that you have made together with your partner.