Prenuptial agreements are a type of legal contract made between spouses. Generally, these agreements focus on protecting the individual assets of each spouse in the event of a divorce.
There are many misconceptions about prenuptial agreements and they are often viewed as a sign of mistrust between spouses. Nonetheless, a prenuptial agreement brings numerous advantages that extend beyond money. Outlined below are a few things to consider.
Prenups start a conversation
Financial secrecy is one of the biggest factors that lead to divorces. A prenuptial agreement gives couples the opportunity to remove this element from their relationship. With a prenuptial agreement, both spouses know exactly where they stand in terms of assets. If conversations about money have been had early in the relationship, this makes it much easier to move forward.
Protection for both spouses
The reality is that many marriages don’t work out. Nonetheless, that doesn’t mean that the divorce needs to be messy. With a prenuptial agreement, couples have more control over the divorce. They can know that they won’t be saddled with debt from the other spouse and that they will receive a fair share of assets.
A prenuptial agreement can help facilitate successful co-parenting relationships and even friendships between former spouses once the marriage has concluded.
While prenuptial agreements can be beneficial, there are certain things they cannot do. Prenuptial agreements cannot be forced upon either spouse. Their terms must be reasonable. They also cannot include terms related to child custody and support.
If you’re considering a prenuptial agreement, it’s best that you have all of the relevant information. Seeking legal guidance will help provide clarity on the matter.