Prenuptial
agreements can be a useful tool for couples entering into marriage.
Although there is a stigma attached to these agreements, prenuptial agreements
can be an effective method for couples to formalize their relationship with a
few appropriate ground rules that both parties are in agreement with before
cutting the cake.
How do
you decide if a prenuptial agreement is right for you? Consider the following five
key facts about prenups that you may not know:
Prenups
Aren’t Just For The 1%
You may
have mistakenly assumed that prenuptial agreements are only applicable when one
or both parties to a marriage have considerable assets that could be affected
by divorce. Surprisingly, prenuptial agreements encompass many aspects of a
couple’s marriage. They are useful for setting up ground rules for the
relationship, and they are designed to protect both parties. For instance, they
can protect one partner from the student debts held by the other partner, or
they can detail how a couple might distribute their assets or pets should one
or both parties decide to leave the marriage.
It’s
Not All About The Money
Prenuptial
agreements aren’t limited to financial matters. While finances are a
portion of the deal, they are only a small part. Other issues can be addressed
in prenuptial agreements, ranging from topics as diverse as household issues to
childcare. Ever argued over who gets the joy of doing the dishes? A prenuptial
agreement can settle that argument in advance. While future child custody
issues can’t be included in a prenuptial agreement, many other items that
couples feel are important for their kids can be added to a prenuptial
agreement.
Timing
Is Everything!
Prenuptial
agreements shouldn’t be attended to at the last minute. While the topic of a
prenuptial agreement may not seem like the most romantic pre-wedding activity, it
is an important issue that should be attended to in a timely manner. Entering
into a prenuptial agreement at the last minute not only increases the risk
you’ll forget to include important topics, but also leaves you less time to
discuss important issues with your partner. David Hasselhoff found this fact
out the hard way with the prenuptial agreement signed by his wife just 30
minutes before the wedding was overturned. If you’re considering a prenuptial
agreement, talk to your partner about whether having one in place well in
advance would bring you both piece of mind, leaving you calm and prepared on
your wedding day.
Prenups
Are Legally Binding
Many
individuals are under the mistaken assumption that a prenuptial agreement can
be discarded if they feel the contract no longer applies to the situation at
hand. This isn’t the case. If both parties have had the opportunity to seek
legal counsel and the agreement has been signed at least a month before the
marriage and all financial matters have been disclosed, the prenuptial
agreement will most likely be deemed fair by the judge.
Prenups
& Estate Planning
Most
couples aren’t aware that prenuptial agreements can be a vital part of the
estate planning process. In fact, a prenuptial agreement can protect the rights
of children from previous marriages and allow families to avoid long and bitter
legal battles that often occur after a spouse passes away. No one likes to
imagine the worst, but having a prenuptial agreement in place can save families
and spouses from extra heartache over nasty legal battles that can go on for
years.
Prenuptial
agreements aren’t always a pleasant subject for couples to discuss, but these
types of agreements can make life simpler and more enjoyable. Couples who enter
into prenuptial agreements, enter into a marriage with their eyes wide open.
They know what to expect and how things will happen if the marriage doesn’t
work. Some couples may even feel relieved to have these boundaries established
prior to the marriage.
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