Pros and Cons of Prenuptial Agreement
As a legal document that determines assets division and protection in the event of a divorce, you may consider if you need to get a prenuptial agreement when getting ready to tie the knot. With the increasing number of divorces, you are not alone. The fact is both partners have more wealth and assets to protect. However, there are benefits and drawbacks to prenuptial agreements. Find further facts here.
Protection Against Partner’s Accumulated Debt
Student debts are probably the most common reason for a prenuptial agreement in recent years. Nobody wants to be responsible for their former spouse’s graduate school debt. Read about Prenuptial Agreement's Requirements here.
It Helps Prepare for the Worst
People in their second marriage and millennials are often requesting prenuptial agreements. These people must have close friends whose parents have divorced or have seen their parents divorce. As such, they want to plan for divorce and accept that it can happen.
Prenuptial Agreement Focuses on the Future
This situation is a significant negative of the prenuptial agreement. You are hoping for a future event that will never happen and also contracting for it. And you have no clue when and how it can happen.
Prenuptial Agreement May Favor One Party
At the beginning of the relationship, love can blind some people, and may end up agreeing to decisions that are against their interests. Don’t blindly concur to a contract no matter what you decide to do.