Should I Consider a Prenuptial Agreement?
While prenuptial agreements are often associated with the rich and famous, they can have considerable value to just about anyone. In reality, prenuptial agreements can be a beneficial tool for couples at any income who are considering marriage. They offer clarity, security, and a way to open up communication on topics that are important to you.
Prenuptial agreements can benefit everyone
It’s still common perception that prenuptial agreements should be viewed with suspicion, seen as a lack of trust, or a lack of commitment to “forever.” However, the prenuptial agreement’s main purpose is to establish clear expectations regarding finances and assets in the event of a divorce. This can be especially helpful for couples with:
- Pre-existing assets – If one partner owns a business or has significant savings, a prenuptial agreement can safeguard these assets and ensure that they are distributed according to your wishes in the event of a divorce.
- Debt – If one partner is entering the marriage with debt, a prenup can help prevent that debt from becoming marital property or impacting the finances of the other spouse.
- Blended families – Couples who have children from a previous marriage or relationship can ensure each child’s inheritance rights are protected with a prenuptial agreement.
- Discussing financial obligations – Openly discussing financial expectations and outlining how income and assets will be managed can help foster a sense of fairness and avoid future conflict.
Entering into a prenuptial agreement will encourage important conversations about finances, financial expectations, and the foreknowledge of what will happen to your assets in the case of divorce. The process of creating a prenup forces couples to discuss difficult topics such as money management, debt, and inheritance. This open communication is ultimately beneficial to the marriage and can help prevent conflict down the road. It can strengthen the foundation of your marriage by fostering an understanding and establishing clear financial boundaries.
While prenups are generally signed before a marriage takes place, they can be changed during the marriage to reflect new goals or financial realities. Prenups can be reviewed and updated throughout the marriage to reflect changing circumstances. These circumstances can include the birth of a child or a significant inheritance.
What happens if you don’t have a prenup?
When a couple does not have a prenuptial agreement, they have to hammer out an equitable distribution agreement in mediation. If mediation fails, then the couple is forced to litigate the matter in front of a judge. This can be costly and time-consuming. Ultimately, a prenuptial agreement would override the court’s discretion when distributing marital assets. Prenuptial agreements can save both parties money by ensuring that the matter is not up for the court’s consideration.
Talk to a Philadelphia Divorce Lawyer Today
The Philadelphia family lawyers at The Law Offices of Lauren H. Kane represent the interests of those who are pursuing a divorce. Divorce is a complicated and tricky process, but you can simplify it with a prenuptial agreement. Call our office today to learn more.
