How can a prenuptial agreement help a couple before marriage?
This can lead to significant hurdles and makes things more difficult for divorcing couples to think rationally and without bias while going through the divorce process. Although the last thing a soon to be married couple wants to think about is divorce, it is not uncommon for couples to create a prenuptial agreement, commonly referred to as a “prenup,” to address certain inevitable issues and decisions that will need to be made in the event of an unfortunate divorce.
A prenuptial agreement can actually cover quite a few things regarding a marriage. Not only can couples establish what they consider marital property and separate property, they can protect each’s estate plan, keep family property within the family and even protect one another from the other spouse’s debts. In addition, couples can even establish “rules” and responsibilities to be carried out during the marriage. This may include, but is not limited to, the management of joint bank accounts, but also individual spending habits such as credit card purchases, savings contributions and property division in the event of the death of one spouse.
There are numerous benefits for both parties when it comes to prenuptial agreements for couples on the verge of marriage. It may be a difficult decision to bring up to your fiancée, but considering the long-term benefits both during a marriage and for a marriage that might fail, at the very least it is a conversation worthy of discussion.
Source: findlaw.com, “What Can and Cannot be Included in Prenuptial Agreements,” Nov. 15, 2016