What are the Benefits to a Prenuptial Agreement?
Divorce is always a messy situation, but some agreements that wary couples can put in place help soften the negotiation blow and make even contested divorces a smoother situation.
No couple goes into marriage knowing they’ll eventually file for divorce. Yet, some who have experience with divorce lawyers may want extra protection on their side if a second marriage doesn’t work out.
Enter the prenuptial agreement.
What is a Prenuptial Agreement?
A prenuptial agreement, also known as a “prenup,” is a contract that defines the rights and obligations of each party should the couple decide to dissolve their union in the future. This is a contract that people create before they get married.
It usually covers matters such as finances, asset division, and debts in the event of divorce or death. It can also define rights to alimony, child support, and other matters related to the couple’s finances.
Are There Benefits to Getting a Prenup?
Many people view prenups as being a distrustful document. While this can be the case in some situations, there are some benefits that couples can find when deciding to create a prenuptial agreement.
You Can Be More Honest Within Your Relationship
You want to go into a marriage with as much transparency as possible. Although a prenuptial agreement may seem like a negative request in the eyes of your future spouse, this could also be a chance to get even closer.
Prenuptial agreements require couples to be completely honest with each other about important issues like assets, finances, and debt. Many of these issues are the root cause of divorces. So, knowing the truth about your spouse’s stance on them can open communication lines that improve your relationship going into a marriage.
Protection for a Person’s Children
A prenuptial agreement can be a great way to protect the children from a person’s past marriage. This type of contract is very important to ensure that any assets acquired during a prior marriage are not subject to division and distribution in the event of divorce or death.
Additionally, this legal document can help ensure that each party’s financial interests are protected if one spouse dies before the other. By clearly laying out these rights and obligations ahead of time, both spouses can rest assured knowing their financial futures are secure no matter what happens down the line.
Prenups Help Mitigate Shared Debt Arguments
A prenuptial agreement can also define separate debt within a marriage. By signing a prenuptial agreement, couples will have greater control over their finances as it outlines how assets and debts will be divided should they decide to part ways.
This type of legal document is especially beneficial when one partner has significantly more debt than the other prior to entering into a marital union. Prenuptial agreements can protect both spouses from taking on unnecessary debt due to careless spending by either party throughout their marriage.
Wealth Protection
If a wealthy person marries another person with significantly less wealth or excess debt, the truth is that divorce without a prenup in place could leave them in a financial bind. If a person has spent their lives building up their wealth, they have every right to create a prenup that protects their wealth and clearly defines the plans if divorce happens.
Planning a Prenuptial Agreement? Nilsson Legal Group Can Help!
If you are getting married but know you want a prenuptial agreement, you’ll need an adequate lawyer on your side. While you aren’t facing divorce at this time, the divorce lawyers of Nilsson Legal Group can help you draft a prenup that keeps you and your spouse protected and prepared for the unexpected.
Schedule your free consultation with our Fort Worth family law attorneys today!