Prenuptial Agreement Lawyer
A prenuptial agreement enables you and your partner to establish the terms of property rights, among other topics, regarding your marriage. Many people wonder whether they need such an agreement or not, and that’s going to depend on what you and your partner want, and what your goals are for your finances in the future. If you are worried about offending your partner by asking for a prenup, rest assured that there are numerous potential benefits for the both of you. As a prenuptial agreement lawyer explains, here are some of the most common reasons why people want to have a prenuptial agreement before the big day.
Finances Stay Separate
One of the main reasons that arguments happen in marriage is due to finances. A prenup defines which assets are your own and which is considered separate property. If you are considerably wealthier compared to your partner, it could be a good step towards ensuring that they are not marrying you just for your money. It can also be used to limit the amount of alimony that gets paid in the event of divorce. This can be especially helpful if you own a business, as a spouse may claim a portion of your profits later if the marriage doesn’t work out. Divorce in particular can be one of the biggest threats to business stability, so a prenup can protect someone who is worried about their business being affected.
Protecting Spouse From Debt
Debt is a reality of living, and those who are bringing that into a marriage may want to protect their spouse. Should there be a divorce, the partner who did not accrue debts will be less burdened and won’t have to share in paying off creditors. Having a prenup can prevent one spouse from being pursued for debts that the other spouse had accrued that have nothing to do with the other. Essentially, a prenup can help limit one spouse’s exposure to the other’s debt in the event of divorce. Those who want help writing a prenup are encouraged to visit a law firm, such as Carpenter & Lewis PLLC, for individual advice.
Avoiding Court Proceedings
Divorce can be painful enough in itself, and can result in a drawn out and costly proceeding that can cost each person thousands of dollars. By trying to come to an agreement now on how you would divide up your assets and property, it can alleviate the negative feelings that you would have to deal with if such terms were not made ahead of time. Having a prenup signed before you get married at the very least will reduce some of the headache and heartache associated with fighting over assets if that’s what happens in the future.
Opportunity For Communication
Of course, no one wants to go into a marriage thinking about the chances of failure, but given the often cited rates of divorce, it is a reality that can be difficult to ignore. Having a discussion with your partner prior to getting married about the potential for a financial dispute if divorce happens, enables you to have an open and honest conversation with each other. This can prepare you for the types of financial talks that will need to be had in any marriage, whether you have a prenup or not.