Is Getting a Prenup a Good Idea?

The thought of getting married excites couples who look forward to spending the rest of their lives together. Getting married is also the dream of many women.

However, life can take a different course when certain things go wrong in the marriage. When conflicts and misunderstandings occur often, some couples don’t have the patience to find solutions and get easily discouraged to the point of quitting and ending their relationship.

It is for this reason that some people consider it highly important to have a pre-nuptial or prenup agreement before tying the knot. This way, they can protect whatever properties they have owned before the marriage occurred and they can avoid the long process of dividing their assets in case they get a divorce with their spouses.

What is a Prenup?

A prenuptial agreement is a legal written agreement between a soon-to-be-married couple regarding the ownership of their respective properties or assets. It is most ideal for people who own personal or business assets before they wed as it can prevent problems should the marriage fail in the future. The assets involved here are usually the home, stocks or retirement accounts.

Other than the personal or business properties, this agreement can also how the future income from a business or additional assets gained through inheritance should be shared. The only issues that could not be covered here are the conditions to limit child support as well as child custody and visitation rights.

An experienced prenuptial agreement attorney is the best person to approach if you need to execute a prenup prior to your marriage. This professional has the right knowledge to help you decide on how to protect your assets in case of a divorce.

The Pros and Cons

Before signing a prenup agreement, it helps that a couple learn about its pros and cons. One benefit of having a prenup is property protection. This means that every spouse who owned a property before they got married can still get to keep that property. It is because during a divorce, only conjugal assets are divided among the two parties.

Another advantage here is you save on legal costs. Be mindful that a divorce can be very expensive what with all the processes including the trial you have to go through but with a prenup, you save yourselves the trouble of paying for exorbitant legal fees.

In addition to the properties, a couple can decide on how to best distribute their debts. A prenup agreement can specify beforehand how both spouses should settle their financial obligations in the future. It can also protect each party from possible issues with creditors.

On the other hand, a prenup has its downsides as well. Some young couples who have not yet acquired certain assets may find it unnecessary to have one especially as they are still starting their life together.

Other people find this agreement as a sign of lack of trust on his or her partner. They feel that having one only signals the possibility of them getting a divorce or being separated in the future.

Hence, it is always the best move to first determine the benefits and disadvantages of a prenup agreement in your specific situation. If you don’t mind sharing your personal and business assets with your spouse regardless of what the future holds for you and your family, it is not even necessary to consider getting one.