5 Things You Might Not Know About Prenups

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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