Marriage is not a mere exchange of vows; it is a commitment of heart and soul. You agree to share your life duties and responsibilities with each other, including the division of finances. After marriage, you and your partner will be dealing with all the expenses, may it be the marriage cost, cost of buying a new house, a car, or just any other expense. You and your partner will be dealing with all the expenses as a team. Nothing is permanent and time and relationships change, and as it is said, you should prepare for the worst. A prenuptial agreement is just a way to get things sorted when things get hard.
A prenuptial agreement is an agreement that may help to secure your property and your loved ones. For instance, if you started a business after marriage, then this agreement would protect you in case of your divorce; it helps you to keep your assets and property secure.
Also Read: Questions To Ask Your Divorce Attorney Before Hiring Them
Prenup agreement saves you and your partner from the finance-related confusion at the time of divorce. For both parties, the time of divorce is a stressful and emotional time, and dealing with financial problems during this period can make things even more stressful and distressing. Therefore, all couples should consider getting a prenup agreement before their marriage. The article below explains some of the advantages and disadvantages of a prenuptial agreement.
The first step in developing a prenup agreement is for both parties to share their complete financial Resources. All the assets and debts from both parties are laid out on the table. This is a great opportunity for both to discuss the hard numbers, which later lay the foundation for deciding how the financials will be divided in case of separation & divorce.
By openly sharing all the assets and liabilities, potential inheritance, and debts, there are fewer chances of surprises.
The main point that goes beyond any advantage and disadvantage is that the prenup provides protection. If you have an asset that you want to protect and don’t want to lose in case of divorce, a prenup can do the job.
If you have established a business before marriage and don’t want it to be divided in case of divorce, you can reach an agreement with your partner in the name of the prenup agreement.
A prenuptial can protect children. This is especially true for people who have children from previous marriages. Depending on the state laws, children can lose the property if their parent dies and an agreement is not in place.
In many states, the asset can end up going to their current spouse, leaving out the children from previous marriages. Children from a previous marriage can be included in the prenup agreement to ensure they get their rightful part in financial assets if something happens to their parents.
Some people are superstitious in the approach that prenups doom your marriage to divorce, or at the very least, a prenup can kill the romance in the marriage. This is why it is even more important to discuss the possibility of a prenup sooner or later. It helps you and your partner to discuss the prenup conditions before getting knee-deep into the wedding.
When putting up a prenup agreement, you and your partner will need an attorney to guide you about all the legal complexities involved in reaching an agreement. Each lawyer will work on the terms of the agreement and inform how it may affect you, your family, and your assets at the time of divorce.
Legal fees for lawyers depend on the area you live and the complexity of your financial assets. Generally, the legal fees for a prenup agreement are between $1500 to $2000; it can increase depending on the complexity of your case.
If a prenup was written poorly and the financial position of one partner has changed drastically from the time the prenup was first drafted, the outcome of the prenup may be imbalanced.
It is perhaps very difficult to forecast and determine the future financial standing of both the partners that can impact the fairness and balance of the prenup agreement. Therefore, seeking an independent legal review is crucial for both parties.
