What You Should Know About Prenuptial Agreements
If you’re getting married, it’s important to be aware of the potential benefits of a prenuptial agreement. A prenup can help protect your assets in the event of a divorce, and it can also simplify the process if you decide to split up. Most importantly, a prenup can give you peace of mind knowing that your finances are secure. Here are some things you should know about prenuptial agreements:
Prenups Are Not Just for Wealthy Couples
One of the biggest misconceptions about prenuptial agreements is that they’re only for wealthy couples. This simply isn’t true. Prenups can be beneficial for anyone who wants to protect their assets going into a marriage. If you have any assets that you want to keep separate from your spouse, a prenup can help ensure that those assets stay in your control. Prenuptial agreements are also not for couples who are planning on getting divorced.
Prenups can actually help prevent divorce by spelling out each person’s financial obligations and expectations going into the marriage. If both spouses know what to expect from the marriage financially, it can help reduce the chances of arguments and disagreements down the road. A divorce lawyer in Ellicott City notes that any couple with assets, even if those are just student loans, will benefit from having a clear understanding of what’s theirs and what’s not before they get married.
Prenups Can Help Prevent Messy Disputes in a Divorce
Prenups can also help prevent messy disputes in a divorce by clearly laying out each spouse’s financial rights and obligations. However, they cannot determine child custody or visitation arrangements, which must be decided through a separate legal process. If you’re considering a prenup, consult with an experienced family law attorney to help you understand your rights and obligations under the agreement.
An attorney can also help you negotiate a fair and enforceable prenup that meets your unique needs. Considering the lengthy process of a divorce, the cost of an attorney may be worth the peace of mind knowing that your financial interests are protected in the event of a divorce. Plus, it’s always better to negotiate a prenup before marriage rather than during or after a divorce.
Prenups Can Be Tailored to Fit Your Specific Needs
The good thing about prenuptial agreements is that they can be customized to your specific needs and wants. You can include anything in the prenup as long as both parties are in agreement with it. For example, let’s say you have a lot of debt going into the marriage. You can put an agreement in place that says your spouse will not be responsible for any of your debts should the marriage end in divorce.
Or, let’s say you have a family heirloom that you want to make sure stays in your family. You can put an agreement in place that says the heirloom will go to your children should the marriage end in divorce. Prenups are very flexible and can be customized to fit any situation. So, if you’re thinking about getting a prenup, sit down with your future spouse and figure out what you both want to include in it.
You Can Start Drafting Your Prenup Agreement Early
When planning what will happen to your assets in the event of a divorce, it’s important that you seek legal counsel to ensure that your agreement is airtight. However, you and your partner can actually draft the prenup agreement yourselves with the help of an online service, or by working with a mediator. Of course, if you have any questions about the agreement, always consult with a lawyer before signing.
When working with a mediator or collaborative lawyer, they can help you draft your prenup. You don’t need to have a lawyer on each side unless both of you agree. In fact, it may even be cheaper to use a mediator or collaborative lawyer to help you create the most suitable agreement for both of you. Of course, if you have a complex financial situation, or own a business, you may want to consult with a family lawyer.
Prenups Are Becoming Increasingly Common
In conclusion, prenuptial agreements are becoming increasingly common. If you are considering entering into a prenuptial agreement, it is important to consult with an experienced family law attorney to ensure that the agreement is properly executed and enforceable. Prenuptial agreements can be an excellent way to protect your assets and your financial future in the event of a divorce.
Don’t wait until you’re on the brink of marriage to start thinking about a prenup – it’s best to discuss your intentions with your fiancé and have an agreement in place well before the big day. It’s for your own protection, and it could save you a lot of money and hassle down the road.
