We have all heard of the mega sports player or Hollywood superstar that married their first love only to be seen 7 months later in divorce court, with all the gossip magazines pointing out, there was no prenuptial agreement in place. The question we’ll tackle here, are prenups really the right choice?
Prenuptial agreement, no matter how embarrassing or materialistic it may seem, it is in fact a very rational point to consider prior to your marriage. The purpose of a prenuptial agreement is to give you security. The contract specifies what happens in case there are joint marital assets, not just in case of a divorce, but also during a death. Today, with the rising divorce rates, prenuptial agreements are gaining more and more popularity. This is precisely why it is suggested that you should get your paper works done before getting hitched. Isn’t that a far better idea than being penniless or even homeless?
Prenuptial agreements or the “prenups” is a contract that contains an inventory of the assets or property that belonged to both the individuals. The premarital agreement is also used to specify the process in which the property is about to be shared after marriage. It also specifies the way in which the property is to be divided, in case there is a divorce and whether you need to pay for spousal support or disburse any alimony. The agreement also lists the assets that a partner can keep in case they bring it into the marriage.
Prenuptial agreement also makes it clear that the mutual possessions do not go to any single partner. Therefore, you can keep the condo that you purchased before meeting your wife and your partner can keep the car that she had got previously. It also details the process of asset building and how they should be divided. Usually, it is an equal or “half and half” split between the partners. However, there can be exceptions. Thus, the prenuptial agreement helps you to avoid any court related issues that might arise, by ensuring that all the court-related hassles are done away with at the initial stage.
Moreover, a prenuptial agreement also ensures that the kids are not hurt in case there’s a divorce and that they are not used as pawns in what is already a messy affair between spouses. Thus, prenuptial agreement has a lot of advantages. It helps you to save on the legal expenses as there’s no attorney involved to whom you need to. You can even save your business from solving. If you own a business, you usually lose it if there’s a break up with your wife and the business gets liquidated. Kids can even be protected from previous marriages since either of the partners can pass on the property directly to the kids instead of involving each other. Thus, prenuptial agreement is a very fair and rational way of dealing with your problems post marriage. It not only saves your money, but also gives you security and an immense amount of mental peace.