If you are gearing up for marriage, a prenuptial agreement (prenup) might be the last thing on your mind. This is despite the numerous benefits of these agreements. Below are some of the reasons for the prenups.
Handling Separate Property
Many people get married when they already have some assets. If you don't mix such assets with marital assets, you can maintain them as separate property for the rest of your life. However, these properties may pass to your spouse upon your demise.
This might not be your preference if you have children from a previous relationship, and you want them to inherit your property. A prenup can help you specify that your separate property will go to specific people such as children from a previous relationship.
Clarifying Financial Rights
Financial issues are common issues of marital disagreements. Use a prenup to clarify financial rights so you go into the marriage fully aware of what you expect from each other. You can clarify how you will be paying the bills (your expected contributions).
Simplifying Divorce
No one goes into a marriage expecting to divorce, but divorce is a fact of life and no one can know in advance whether their marriage will end. Use a prenup to err on the side of caution so you don't have a messy divorce in case your marriage ends. For example, you can specify how you will divide your assets and debts so you don't waste time in court arguing over such issues during a divorce.
Bypassing State Laws
For those who don't have a prenup, the judge will rely on state laws to come up with a divorce decree. Unfortunately, your state laws might not ideal for your situation. The only way you can bypass the laws and divorce on your terms is to craft a prenup long before your divorce begins to loom.
Encouraging Fairness
There might come a time in your marriage when you are so fed up with your marriage that you don't care about your divorce settlement. Unfortunately, your partner might take advantage of your desire to end the marriage and bully their way into an unfair asset distribution that favors them. They won't be able to do that, however, if you have a prenup.
As you can see, a prenup can be quiet handy even if it doesn't seem romantic. Consult services like Law Offices of Athina K. Powers to help you craft a good and legally-binding prenup that is fair to both of you.
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