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Why get a prenuptial agreement?

On Behalf of | Oct 1, 2013 | Firm News |

Prenuptial agreements often have a bad reputation, especially among young couples just entering their first marriage. Some people say that a couple that signs a prenup doesn’t have faith in their relationship. Others say they are unromantic.

The truth, however, is that all couples already have a prenuptial agreement, of sorts. In the event of a divorce, the government decides how the assets should be split — essentially fulfilling the role a prenuptial agreement would take. Signing a prenuptial agreement simply allows the couple to set their own rules for their marriage, rather than use the government’s.

prenuptial agreements are also useful for determining financial obligations. Today, it is common for both spouses to work. In this situation, it’s useful to determine, before the marriage, how the two incomes will be used and where the money will be kept. Some couples say it’s easier to focus on the relationship once these details are squared away.

In these tough economic times, it’s very common for one spouse or both to come into a marriage with some sort of debt. If one spouse owes an exceptional amount of money, a prenuptial agreement is a great way to protect the other spouse from these financial obligations. Spouses often feel more comfortable entering a marriage if they know they will be protected from their partner’s debt in the event of a divorce.

Prenuptial agreements are especially helpful when a spouse is going into his or her second marriage. In these cases, spouses likely have more assets than they did when they entered their first marriage. Those who have been divorced in the past will also know how complicated and acrimonious the process can become; and so they may be more inclined to protect themselves with a prenuptial agreement in their second marriage.

Indeed, simplifying the divorce process is perhaps the greatest strength of a prenuptial agreement. Divorce can be a long and difficult process, one that is full of raw emotions and bitter feelings. A prenuptial agreement sidesteps the potential acrimony by making many of the key determinations before the marriage even begins.

Saving Advice, “10 Reasons to Get a Prenup” Danielle Warchol, Sep. 06, 2013


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