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3 benefits to prenuptial agreements

On Behalf of | Sep 23, 2021 | Firm News |

Nobody enters into a marriage with plans to get divorced. The intention of marriage is to join your lives forever. However, it is an unfortunate reality that marriages do not always work out.

Allowing for the possibility of a future divorce, and putting an agreement in place to deal with it ahead of time, can protect both of you.

1. Discuss financial goals

Talking about money can be uncomfortable, so many people avoid the subject. Creating a prenuptial agreement will require you to openly discuss your finances with your partner and learn how you each value and spend money. This can help you understand the financial goals you each hope to work towards.

2. Protect your assets

If one of you enters into the marriage with significant personal assets or ownership in a business, a prenuptial agreement will protect those assets in the event of a divorce. What you accumulate together during a marriage is often divided, but a prenuptial agreement will establish that the assets you brought into the marriage will remain with you upon separation.

3. Protect children from previous relationships

If you have children from a previous relationship before marrying your partner, a prenuptial agreement is beneficial in establishing and protecting your children’s future. A prenuptial agreement will make it clear from the beginning of your union that your children will retain their inheritance.

If you did not establish a prenuptial agreement before your marriage, but the financial picture has changed, a postnuptial agreement may be an option to consider. These are helpful in situations where one spouse has made poor financial decisions after the marriage and amassed considerable personal debt, as well as for marriages where one spouse stops working to raise children or care for a family member.