It is mid-June, and the wedding season is in full swing! In some cases, couples are deciding whether they want to enter into a prenuptial agreement. A prenuptial agreement, sometimes called a prenup for short, is an agreement drawn up and signed by the couple prior to the marriage, which concerns the ownership of their respective assets should the marriage end in divorce. There are pro’s and con’s to having a prenuptial agreement, and a couple should speak openly and honestly about whether they want a prenup prior to getting married.
Parties with considerable means may want the security of knowing that the assets they accumulated prior to the marriage will be handled according to their wishes should the marriage fail. If this is a second or subsequent marriage, the parties may want to protect the inheritance of their children and grandchildren. Additionally, a couple can examine their assets and liabilities during the writing of a prenup, and they may use this as a time to set financial goals. A prenup may protect a spouse who does not have debt from becoming liable for the debt of the other party should the marriage end in divorce. It can also ensure that a business owned prior to the marriage does not become divided during divorce proceedings, and in this way, the prenup can give the couple peace of mind.
There are a lot of additional factors that can be included in a prenuptial agreement. A couple can decide on how decisions will be made should the marriage end. And agreeing upon a plan for the worst-case scenario when the couple is working together, on good terms, and thinking clearly, may prevent arguments in the future.
A prenuptial agreement is not romantic. And thinking about a marriage as a business dealing may not be what a wedding planning couple wants to do. Nobody wants to think about their marriage ending in divorce. Additionally, a spouse may agree to terms are not in their best interests when they are in the midst of a romantic engagement. As the marriage builds, lifestyle and circumstances may change, and this is difficult to predict when drawing up a prenup. This may lead to one spouse feel like he or she had made a bad deal at the start of the marriage as time goes on. A prenup may not adequately compensate a spouse who works to build and grow a business more than they anticipated prior to the marriage.
An experienced family law attorney can help you navigate these “con’s.”
Is a Prenup right for you?
A family law attorney can help you decide if a prenuptial agreement is right for you and your significant other. In fact, you and your spouse will need to consult different family lawyers if you do decide to form a prenup. This will ensure that each party has someone unrelated to the other party to review that their interests are being considered optimally. The experienced family lawyers at Parra Harris Law can help you if you are considering having a prenup or if you already know that you will be signing a prenuptial agreement. For insight and consultation, contact: [email protected] or 904-900-1617