A prenuptial agreement or prenup is a legal document signed by two spouses-to-be before getting legally married. A prenup details what happens to assets, debts, and finances during and after your marriage and clarifies the responsibilities of each partner after and during the marriage. Even if there are still many misconceptions about prenups, prenups have become very popular in recent years because of their benefits. A prenup is more than a legal document, it is a great tool for protecting the financial and other interests of spouses and securing their financial stability. If you are thinking about a prenup and aren’t sure whether you need it or not, read these truths about prenuptial agreements.
People who sign a prenup mustn’t necessarily be wealthy
Many people think that people sign prenups only if they have their businesses, many assets, and much property and want to secure them. No, that’s not true. Yes, standard prenups often have sections referring to the property and assets of partners, but there are many other important prenup clauses to add to a contract. The prenup is reasonable if you have children together or children from a previous marriage. And even if both you and your partner don’t own any valuable assets before the marriage, you will acquire certain assets or property during the marriage, and in the event of a divorce, you will need to make arrangements about them.
A prenup is not about lack of trust, but being transparent and honest
Some people have a very negative attitude towards prenups and react negatively if their partners offer them to sign a prenup contract. In their opinion, such documents indicate mutual distrust in the relationship, because, in a real marriage, there should be no formalities. Nevertheless, finances and responsibilities are among the most important aspects of a relationship.
Moreover, if your partner asks for a prenup, it is a sign of honesty and trust. Your partner is ready to take certain responsibilities during the marriage and in the event of separation or divorce and wants to be completely transparent about his or her financial and personal situation. For example, your partner has certain property debts, debts from gambling at money train 2, or needs to support his or her children from a previous marriage. Only if your partner insists on entering into a one-sided prenup and ignores your interests can you suspect your partner of mistrust and being egoistic.
A prenuptial agreement is much better than the state’s marriage laws
A fair and well-crafted prenuptial agreement protects the interests of both partners in the best way possible. Spouses actively work together to create it to eliminate any possible issues. Of course, for the prenup to be fair, the future spouses should approach it carefully, hire professional attorneys with expertise in family law and be ready to negotiate and be completely honest with each other.
If you don’t have a prenup, your divorce or separation will be legally handled according to the common marriage laws, which are much more abstract and don’t fit your exact needs. For example, according to your marriage, it can be not fair to split all the assets and debts equally between you and your partner. Maybe he or she had many debts before marriage, or you are a business owner. If you live in a state with community property laws, all the assets, property, and debts will be split equally between you and your partner in the event of divorce. Otherwise, you both should have signed a prenup which will override the community property laws.
The prenup can only hardly be changed at any time if you are already married
After you’re married, it can be very hard to overwrite or change the prenuptial agreement because it becomes a postnuptial agreement. There is a fact that even not in all the states the postnuptial agreement will be enforced legally. And even if you and your partner manage to change a prenup after getting married, it will cost much more in fees.
Have you decided to get a prenuptial agreement? Then it is time to ask your spouse-to-be for it and hire an experienced family law professional. Even if talking about a prenuptial doesn’t sound quite romantic, it can be a strong foundation for your relationship and help avoid many conflicts and legal issues.
*I hope you found this helpful. The information on this website is not designed to be a substitute for legal, financial, or investment advice. For specific legal advice, contact a qualified professional.