As unromantic as a prenuptial agreement may seem when you are supposed to be jotting down overwhelming wedding vows, it should be the first task to do after you are engaged. If some time down the road you decide to separate – as statistically one-third of American couples do, a prenuptial agreement will help you get an uncontested and amicable divorce.
Wondering What Exactly Is A Prenup?
A prenuptial agreement or prenup is a legal document prepared by and binding on two people who are going to tie the knot. It is mainly prepared before marriage with the intention of safeguarding the property and financial rights of each spouse in the event they seek a divorce. The framework of a prenup addresses aspects such as assets and debts owned by each person before marriage, property acquired by the married couple during their marriage, and the nature of settling the possessions of a spouse after his or her death.
How Is Signing A Prenup A Smart Move?
Human nature is unpredictable and so are their feelings. And the hard truth is that, as life evolves you may feel differently about your partner than you do today. When this happens, the marriage may no longer look as beautiful as it did in the beginning. That’s why it is wise and practical for every couple to have a level-headed consideration about how they will want to give closure to their marriage if such a time comes. Below are some significant reasons that will convince you of how signing a prenup is the right way to protect you and your spouse in your marriage.
1. Keeps Your Individual Possession Separate
The state divorce laws regulate and tell apart what is and is not a marital asset. But you would be troubled with the task of proving in court which assets were yours before marriage and which ones were procured by you during the marriage. Having a prenuptial agreement will state clearly your personal possessions and save you both from bitter feuds.
2. Divides Debts
With a prenuptial agreement, you can limit your responsibility towards debts incurred by your spouse both during the marriage and at the time of divorce. If each spouse’s debts and their individual responsibility for it are clearly spelled out, you can prevent your separation from turning into an extensive litigation and save time, money, and exertion.
3. Inherited Property
Often, one or both partners have inherited property before marriage. If that is you, then a prenup can help you mutually agree that you and your spouse will have individual ownership of your inherited property if your marriage ends in divorce. You can also add a clause for how you want your possessions to be settled among your loved ones and any children you had from previous marriages after death.
4. Divorce Settlement Negotiations
Another essential objective of a prenup is that it helps two individuals make decisions about their possessions, should they be seeking a divorce in the future. If you don’t have a prenup, your state’s divorce law will determine how your marital assets are split depending on the guiding laws and the settlement you negotiate. Why should you depend on those standard rules of the law when you can craft your own set of rules that suits you better?
Don’t Have A Prenuptial Agreement? There Is A Postnuptial Agreement For You.
Quite similar to a prenuptial agreement, a postnuptial agreement is prepared to spell out the rights and possessions of each spouse except that it is prepared after you have married without a prenup. This written agreement is executed among couples in marriage or civil union to settle their affairs and assets and to lay clear their individual liabilities should there be a divorce or separation.
Do you need an attorney to help you craft a strong prenuptial or postnuptial agreement? Brian Walker Law Firm PC will help you protect everything you want in the marriage!