Is Prenuptial Agreement Right for You?
Jan. 25, 2021
With each couple’s uniqueness, it is a personal decision when considering whether to enter into a prenuptial agreement. In the event of a divorce, someone with a high net-worth may want to protect their assets, or a partner may wish to preserve their family-owned business. In any event, you must base your decision on your unique circumstances, and all couples may not find a one-size-fits-all solution. See more here.
Benefits of a Prenuptial Agreement
A prenuptial agreement has several benefits, and some of them are:
Assigning debt like mortgages, school loans, and credit cards to a suitable spouse to prevent both from partners sharing debt liability.
Establishing rules and procedures for issues that may arise in the future.
Reducing conflicts during a divorce.
Avoiding extended court proceedings, cutting down on expenses divorce lawyers.
Detailing and documenting any special arrangements between you and your spouse.
Differentiate between what is community property and what is marital property.
Avoiding court involvement and supporting your estate plan to decide property distribution.
Documenting each partner’s separate property to protect it as individual property.
Many people believe that they will cause turmoil in their relationships when they bring up the word “prenuptial agreement” or discuss these matters. However, you need to know that finances are one of the main irreconcilable differences leading to divorce. See here for information about How You Can Protect Assets Without Prenuptial Agreement.