You are about to get married. You’re about to share everything in life with your partner, including your future children and your finances – and you’re about to make a lifelong commitment to the person you love. While this is all true, it’s also true that your marriage – like many love unions – could fail to endure. We are all taking a risk when we say “I do,” and the willingness to take that risk in the name of love is beautiful. However, you might still want to cover your legal bases with a prenuptial agreement.
Here’s what a prenup can do for you:
- Document the financial assets and debt liabilities of both spouses before marriage
- Clarify and support your estate plan and safeguard your estate plan against divorce
- Determine what is marital and what is individual property
- Codify special arrangements or special agreements between the spouses
- Speed up and simply the divorce process if it becomes necessary
- Reduce the threat of conflict during divorce
- Get to know your future spouse better through the process of coming to agreement
When you’re talking with your soon-to-be husband or wife about your prenuptial agreement, it’s important to remember that these documents are much more popular today than they were in the past. Although they are still somewhat controversial depending on the person, most rationally-minded individuals can see how signing a prenup is a prudent choice. Just be sure – when drafting your prenuptial agreement – that you do so in a manner that adheres to state family laws so the document can withstand the threat of a legal challenge.
Source: Findlaw, “How to Determine if a Prenuptial Agreement is Right for You,” accessed March 09, 2018