Prenuptial agreements are sometimes viewed as something negative. There are many important benefits, however, associated with prenuptial agreements that couples considering or entering marriage should be aware of.
Benefits of prenuptial agreements
Prenuptial agreements can do many things for couples entering into a marriage including:
- Document the separate property of each of the spouses;
- Protect the assets of each of each of the spouses that they enter into the marriage with;
- Distinguish what will be considered marital property;
- Assign debt;
- Documenting any special arrangements between the soon-to-be spouses;
- Establishing financial rights and responsibilities during the marriage and establishing a procedure for any future conflicts;
- Support the spouses’ estate plan;
- Reduce conflicts, time and cost if the couple decides to divorce.
Why a prenup can be good for you
It is important for couples entering a marriage to note that without a prenuptial agreement, their property will be divided according to state laws if they decide to divorce. If they do not favor that method of distribution, a prenuptial agreement can help. Overall, prenuptial agreements provide more control for the spouses over their property and affairs should they decide to divorce at some point in the future.
In addition, there are a variety of requirements for a prenuptial agreement to be considered valid that spouses entering a marriage should ensure they are familiar with and are met. Family law resources can help guide them through the process so that couples entering a marriage can resolve their property-related concerns up front. The family law process provides many resources to help couples navigate their marriage, property and divorce-related concerns.