More and more couples today, not just celebrities, don’t plan on combing their assets and even finances when they get married. Odd? Tell me about it. So what exactly is a prenup (prenuptial agreement) and who needs one…..
Any couple who will bring personal or business assets to the marriage may consider a prenup. The most basic of these contracts lists an inventory of premarital assets that in the event of a divorce will remain the property of their original owner.
So anyone with assets that may get a divorce. Hmmmm….. no one plans on getting a divorce and it’s such an ugly thought. So here are some pros and cons for you to decide what is best for you.
For Mike and I, we are in it for the long haul. When we became one, it meant our finances, income, debt and our assets became one. We will grow old together and even though life brings us curves, hills and valleys, as well as triumphs, there are no other options or back up plans. We will grow old together, through sickness and health, for richer or poorer. We declare a healthy, prosperous life together!
PROS……
- Property protection: Prenuptial agreements help define which items of property each partner will be entitled to in the event of divorce or separation.
- Avoid costs in the future: If most of the legal issues are covered by a prenuptial agreement, the couple may be able to avoid costly litigation in the future.
- Special provisions: Besides property matters, the partners are free to include special provisions for matters that may be unique to their situation.
- Debts: Pre-marital agreements can also determine how liability for debts will be distributed between the partners. The agreement can also help protect each party from issues with creditors.
CONS……
- May be unnecessary: State laws sometimes cover many of the issues that are addressed in a prenuptial agreement. Also, most states don’t allow certain issues to be resolved through a prenup, such as child support matters- these are resolved through court mechanisms.
- May be too early: At the engagement stage of a relationship, it may be too early to need a prenuptial agreement. This is especially the case for younger couples, who have not yet acquired a significant amount of property or assets.
- Issues with “trust”: Many feel that even bringing up the idea of a prenuptial agreement indicates a lack of trust. While prenuptial agreements cannot encourage divorce, some feel that the use of a prenuptial agreement leaves the couple open to the possibility of separation or divorce.
- Faith: If you are getting taking your vows before God and believe that marriage is forever, then there is no need for a back up plan and all finances and assets will most likely be combined regardless.
In speaking with Jessica Pederson from JWB Family Law, it is suggested that you discuss this with your future spouse way ahead of your BEST. DAY. EVER! If you are not sure, schedule a free consultation either with Jessica or your preferred family attorney.
