No matter how long you and your soon-to-be spouse have been together, you should not rule out a prenuptial agreement before your wedding. The bad reputation that prenups have received detracts from the benefit that these documents bring for both parties in a marriage.
Prenuptial agreements have many benefits.
1. Protects family property
If you inherited family property before your marriage, or you expect to inherit family property upon a loved one’s death, a prenuptial agreement ensures that the property stays entirely in the family following a divorce.
2. Separates individual debts
When one party enters a marriage with extensive personal debts, a prenuptial agreement can protect the other party from that obligation in the event of divorce. The prenuptial agreement can mandate that any debts or creditor accounts present before the marriage remain the obligation of the spouse who incurred them.
3. Simplifies divorce procedures
A contentious and hostile divorce is hard on everyone. When you have a prenuptial agreement in place, that document addresses most of the divorce settlement for you. This reduces the factors left to decide, minimizing the risk of disagreements and hostilities.
4. Settles spousal support issues
Some prenuptial agreements include guidelines for spousal support based on the duration of the marriage and the reason for the divorce. For example, infidelity on the part of the recipient may lead to the forfeiture of spousal support.
A prenuptial agreement is an easy way to set clear expectations and rights for each party in the marriage. When you want to start your future without any uncertainties or questions, this can help.