For couples engaged to be married, a prenuptial agreement can help ensure that, if necessary, they, and not the courts, will decide which property belongs to which person. With a minimal investment of time before your marriage, a prenuptial agreement can provide peace of mind and a sense of financial security.
Frequently Asked Questions:
What is a Prenuptial Agreement?
A prenuptial agreement is a contract entered into BEFORE marriage. A prenuptial agreement establishes what will happen to you and your spouse's income and assets in case of death, divorce or separation.
What are the benefits of a prenuptial agreement?
The benefits of a prenuptial agreement can be significant. Marriage is a legal communion of property. If the marriage ends in divorce, deciding how to distribute property is often the biggest source of conflict for couples. Prenuptial agreements minimize such difficulties by:
- Documenting each spouse's separate property to keep it separate
- Avoiding court involvement and the potential for a judge to decide on property distribution
- Avoiding an extended court proceeding, which may include expensive attorney fees
- Assigning debt (credit cards, school loans, mortgages) to the appropriate spouse
When would you consider having a prenuptial agreement?
The circumstances in which someone might consider a prenuptial agreement include:
- You have children from a previous marriage
- You own a business or are involved in a family company
- You each have significant assets
- One of you has considerably more assets than the other
- You are concerned about your future spouse's significant debt
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