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The benefits of prenuptial agreements

On Behalf of | Jun 15, 2021 | Prenuptial Agreements |

Prenuptial agreements can provide benefits beyond some of the common myths about prenuptial agreements. Prenuptial agreements are not only for the wealthy but can be beneficial for any couple considering marriage. They should also be thought out in advance and carefully considered.

Benefits of prenuptial agreements

Prenuptial agreements can provide protections for new spouses entering a marriage including:

  • Documenting the separate property of each of the spouses that they enter the marriage with to protect each spouse’s separate property;
  • Distinguishing between what is marital property and what is community property;
  • Documenting and detailing any special arrangements between the spouses;
  • Assigning debt including credit cards, student loans and mortgages to avoid both spouses sharing debt liability jointly;
  • Avoiding extended court proceedings if the couple decides to divorce at some point;
  • Reducing conflicts during divorce if the couple decides to divorce at some point;
  • Establishing procedures and rules for any issues or concerns that may come up in the future; and
  • Supporting the spouse’s estate plan and avoiding court involvement in property distribution.

There are advantages to prenuptial agreements of which the most important is that they can protect the property and interests of both spouses. Prenuptial agreements are a family law tool that can be uniquely tailored to the needs and situation of each couple. There are also requirements that need to be met associated with prenuptial agreements that marrying couples should be aware of. Couples entering marriage should be familiar with how a prenuptial agreement can be beneficial for them.