4 Reasons a Prenuptial Agreement May Be the Right Choice for You
Do you need a prenuptial contract?
There is a particularly outdated way of thinking that implies looking into or signing prenuptial/prenup agreements is not having faith in a marriage. Like all other legal matters prenup contracts are simply a way to protect both parties should the future hold the unexpected, which it often does. Having the nitty gritty details sorted out from the beginning in a prenup agreement is much less complicated than trying to work out these legalities “post” marriage. Here are four reasons a prenup agreement may be the right choice for you and your betrothed.
1. Imbalance in the income between partners
A prenup contract ensures both parties are in the marriage based not on financial gain but their wanting to be married to each other. Many people believe that prenup agreements only protect the high earning spouse but they can also ensure that the lower paid partner is protected considering their weaker financial status.
A prenup agreement also, imperatively, if your partner is in high debt in the case of a divorce, paying off this debt is not the responsibility of your ex-spouse and responsibility lies with the original party.
2. You are remarrying
In the case that this is not the first marriage for either partner a prenup agreement can protect assets gained in either party’s first marriage. In the case that one or both parties have children from a previous marriage they will likely have support obligations which are not necessarily the responsibility of your new spouse.
A prenup contract ensure that should a spouse pass away their assets are distributed according to their wishes and neither the family in the first or following marriage will be cut off via any unexpected legal loophole. Prenup agreements are so effective at determining the distribution of property in the event of a spouse’s death that many choose to include the prenup contract in their comprehensive estate planning processes.
3. If you plan to stop working to raise children
If a partner decides to stop working in order to raise children, even if not indefinitely, will affect their income and financial wealth they bring to the partnership. In the event of a divorce the prenup contract will protect both parties as well as the wellbeing of the children by ensuring that the financial responsibility of raising children is shared fairly by both partners.
4. In the case of a divorce your financial obligations are clearly defined
By forcing a couple to discuss their finances and the potential financial situations that may arise in the future, prenup agreement negotiations may bring to the surface issues that would later present a big argument or problem in the future. By starting a marriage by laying the facts out on the table these arguments may be avoided.
In the unfortunate case of divorce there will be less chance for arguments or strife because all financial obligations that prepared for this situation have already been clearly stipulated. This includes everything from estate and business, to children and any other financial obligations once shared.
If you are wondering how to go about getting a prenup agreement or where to get a marriage contract, look no further. Contact Engelbrecht Attourneys at Law to assist you with any and all of your marital legal needs.