When you’re about to get married, divorce is most likely the last thing on your mind, but circumstances can change. A prenuptial agreement not only protects your legal and financial interests; it can actually strengthen your relationship and help you work out potential issues before you get married. Here are a few reasons most experienced divorce attorneys recommend creating a prenuptial agreement.
1. It Can Help You Get On the Same Page About Finances
Arguments over money can destroy a marriage. When you’re discussing a prenuptial agreement, you must address certain financial issues, which can tell you a lot about your future spouse’s style when it comes to spending and saving. Having a lawyer involved in the discussion can also keep things from getting heated and help you avoid problems down the road.
2. It Can Safeguard Your Assets and Business
If you have significant assets or have worked hard to build a successful business, the last thing you want is to lose a substantial portion of it in a divorce. A prenup can protect your business so that in the event of a divorce it is not divided or subject to joint control. It may also help shield any partners or shareholders from having to deal with conflict with your spouse if you become incapacitated or pass away. Regardless of whether you’re considering a prenup, one of the best ways to ensure everyone’s interests are protected is to seek the counsel of a business succession planning attorney who can help you create an effective exit plan.
3. It Can Protect Your Children’s Interests
Although an estate lawyer can help you create a plan to protect your beneficiaries, battles over inheritance can easily become contentious. If you have already been married and divorced, a prenup can protect the financial and inheritance rights of your existing children. Prenuptial agreements typically override state law, so even if your family is in conflict having one in place can help them avoid court action or settle disputes more quickly.
4. It Can Address Alimony and Inheritance
When one person earns a much higher income than the other, it can put the spouse who earns less at a disadvantage in a divorce. A prenuptial agreement can outline the specifics of whether one spouse will be responsible for paying spousal support or alimony if the marriage ends. A prenuptial agreement can also address and protect any inheritances either spouse is expected to receive from a loved one during the marriage.
5. It Can Help You Avoid Taking On Your Spouse’s Debt
If you have significantly less debt than your fiancé, a prenup can shield you from taking on a portion of their debt in the event of a divorce. However, prenuptial agreements can be contested in court, so it is critical to have an experienced lawyer review the contract to ensure it is deemed fair in the eyes of the law.
If you’re entering into a marriage and would like to learn more about prenuptial agreements, our West Chester divorce lawyers at Carosella & Associates can help you create a fair agreement that benefits everyone involved.