Prenuptial agreements are really for everyone, though there are many common misconceptions surrounding them. A prenuptial agreement can provide protections for both spouses entering a marriage that they should be aware of any understand.
What is included in a prenup?
Benefits of a prenuptial agreement include:
- Protecting the assets of the future spouses;
- Protecting the future spouses from assuming each other’s debts;
- Determining how property will pass in the event one spouse passes;
- Clarifying financial rights and responsibilities during the marriage; and
- Avoiding long and costly disputes should the couple decide to divorce at some point.
It is important to keep in mind that without a prenuptial agreement, the couple’s property will be divided, should they divorce, according to the property division laws in their state which may not be consistent with their wishes. A prenuptial agreement allows the couple to work property division concerns out in advance rather than trying to agree on property division during the highly emotional divorce process and can save them time, money and acrimony down the road.
Legal requirements
It is also necessary to keep in mind that there are legal requirements associated with prenuptial agreements that must be met for a prenuptial agreement to be valid. Prenuptial agreements should also not be rushed and couples entering a marriage should have time to thoroughly review and consider a prenuptial agreement.
Prenuptial agreements offer a variety of practical benefits for couples who are getting married. For that reason, couples considering marriage should ensure they understand the benefits and requirements of prenuptial agreements as they are planning a trip down the aisle.