A prenuptial agreement, often referred to as a prenup, is a legally binding agreement that directs how a couple’s individual assets (financial and physical) will be handled in the event that their marriage ends.
In spite of the fact that many people feel a prenup is ‘planning to fail’ in a marriage, these agreements are really just a way to make sure that each person’s individual property and finances are protected. As people are waiting longer to get married, and potentially bringing more personal assets and debt into a marriage, it makes sense to consider this option, explains a family lawyer from a law firm like Olesko Law Firm.
The biggest benefit to prenuptial agreements is the honest conversations they require. Whether you decide a prenup is the right fit for you or not, sitting down with your partner to have an open discussion about debts, assets, and financial priorities can be enlightening and help you to plan out your life together.
In the event that your marriage does end, a prenup gives you the assurance that you will be able to keep your individual property and avoid being burdened with any debt your partner brought into the marriage. This can be especially significant for anyone whose partner is carrying a lot of student loan or medical debt.
It’s a simple fact that prenups tend to offer more protection to the partner who brings the most assets to the marriage. This can be seen as a benefit for some or as a major drawback to others.
The stipulations in prenups don’t apply to any assets or debt accrued during the marriage.
It is possible that the topic of prenups is a touchy one for you or your partner. This can make conversations around prenups difficult or upsetting.
Different states and countries have different limitations and requirements for prenuptial agreements. Some states limit the types of assets that are allowed to be covered. Other states include a much broader range of things that can be covered, such as future child support or alimony.
Finding a qualified family lawyer can help you get all of your legal bases covered. An attorney can assist you in navigating all of the necessary legal paperwork, explain the different rules and regulations, and generally streamline the process.
A prenuptial agreement might be what you need to feel comfortable moving forward with the next big step in your life. A family law lawyer can provide information that may help you decide. Contact one today.