Are you getting married soon? Are you considering getting a prenup? Here are a few reasons it’s a good idea to get a prenup before you get married.
When you get married, you obviously hope that it will last. But recently, divorce cases have gone up all over the world. And one of the most common causes of conflicts between the two parties involved in the divorce pertains to finances and properties.
The basic function of signing a prenup is to keep your interests protected in the event of a divorce.
A prenup clearly states how to divide the debts and assets between the couple. Prenups also help avoid emotionally draining and costly court battles.
Let’s look at the top reasons why you should get a prenup before you get married.
1. Encourages You to Be Honest Before Marriage
If you are discussing signing a prenup, you need to be open and upfront about your assets, finances, and liabilities. This might seem challenging at first, but having this candid conversation will enable you to understand the expectations of your intended before you tie the knot.
This way, you are basing your marriage on an honest foundation by communicating freely with each other, allowing you to build a deep level of long-lasting trust. If you do end up divorcing, having a well-drafted prenup allows you to fast-track the entire divorce process by solving common legal issues.
As divorce rates are rising all across the USA, it is better to engage the services of a professional legal agency that has qualified lawyers to aid you in drafting a prenup agreement that will protect your interests in the event of a divorce.
Larger cities such as New York, Los Angeles, Boston, and Chicago have many reputed legal firms to help you draw a prenup agreement. If you happen to live in Atlanta, click here to visit a reputable site for reliable service.
2. Defines What Counts As Marital Property
Most courts divide the marital property between the spouses based on state law during the divorce process.
A bitter property battle may arise while determining what constitutes marital property during a divorce. This long-lasting process can be avoided if couples state in the prenup what exactly will constitute marital property.
A prenup will also state the process in which the marital property should be divided between the couple if they choose to divorce. Some couples decide to split the property unequally, while some will go for an equal division. The courts will respect the prenup and go with the clauses mentioned while dividing up the marital assets.
3. Ensures That Asset Sharing Is Fair
If you have a higher amount of wealth than your partner, you may risk losing a significant amount of it if you get a divorce. To avoid this, you may want to take a few required steps to keep your wealth protected.
This will be more significant if you are retiring soon as you won’t be able to earn money then in case of a divorce. So you should protect your assets by getting a prenup before getting married. This way you can guarantee to have your assets distributed fairly.
4. Saves You from Acquiring Debt
When getting married, you don’t normally foresee being obligated to share your spouse’s debt. But this condition might arise if the issue was not addressed beforehand.
If your spouse has more debt than you, you need to take steps to protect yourself, especially if you are debt-free. By signing a prenup, you are protecting yourself by having a discussion about the debt situation.
This means that if you have a prenup signed, the financial liabilities of your spouse won’t get transferred to you if you get a divorce. Signing a prenup is particularly important if you live in a state that defines debts and assets to be jointly owned by the spouses.
5. Allows You to Have a Hassle-Free Divorce
While initiating the divorce process, most couples usually agree with the terms and conditions. However, with passing time, the couple starts to have disagreements on key issues. This makes the entire process of divorce very time-consuming and costly.
The overall process is expensive, even if the couple decides to agree on most details. If you have a well-drafted prenup, you will be able to resolve most legal issues easily, helping you to escape the long and tedious courtroom battles.
6. Provide Protection to Your Business and Children
If you have kids from a previous marriage, you will need to consider how it will impact them in your new marriage. You will be able to designate specific properties and other assets to your children by signing a prenup. This way, you are protecting the rights of your children and making sure they do not lose out on any of the property if you get divorced.
Similarly, if you own a business at the time of getting married, you can designate that in your prenup to be your separate asset. By doing this, you are protecting your business in the event of a divorce by making it immune from undergoing a forced liquidation or having it divided with your spouse.
When getting married, no one anticipates it ending in a divorce. As there are no guarantees in life, you might end up having to go through a financially and emotionally draining divorce process.
You can make the entire process much easier, however, by signing a prenup before you get married. This allows you to discuss and prepare for issues that would otherwise take a lot of time to deal with during the divorce process.
In this article, we have discussed why it is a good idea to get a prenup. Hopefully, you are now more clear as to how this can benefit you down the line.