Today, it’s said that the number of couples parting ways and leaving the marriage institution overshadows those joining hands in holy matrimony. No one can pinpoint the leading cause for spouses to split, but expert surveys present incompatibility, infidelity, and finances as the most probable reasons.
All the same, divorces can be messy and may take away what you worked hard to achieve individually and as a couple. Perhaps couples opt to sign a prenuptial agreement before tying the knot as a protection strategy if things don’t work out in their marriage.
A prenuptial agreement is a legal document that defines how couples divide assets and debts if they decide to divorce. So, seeking legal guidance from prenuptial lawyers such as Musson Law is wise to safeguard your interests.
This content feature will focus on the benefits of having a prenup and why you should hire a prenuptial agreement lawyer before tying the knot. Continue reading to learn more.
1. Protection For Marital And Separate Assets
Marital assets and property have a simple consideration when looking at prenuptial agreements. It identifies properties such as stocks and bonds, homes, vehicles, and retirement savings acquired during your union.
If you enter a union with the property you acquired on your own or as an inheritance, the prenuptial agreement will also highlight it as separate property. It’s crucial to consult a lawyer to enlighten you on what to list as personal property.
2. Clear Communications
It’s easy to shy away from discussing the importance of signing a prenup since many people consider it as a business contract that’ll come to an end. A prenup promotes dialogue and may be the only communication channel between a couple going through a divorce.
A lawyer will encourage you to lay everything on the table and be honest about your properties, debts, and finances. It helps to manage your expectations when you decide to go your separate ways.
3. Wealth Protection
A prenuptial agreement will indicate how the distribution of each item will go when determining a divorce settlement. If you’re wealthy and your partner isn’t, or vice versa, the marriage dissolution will consider what each individual gets by referring to the signed agreement.
Your lawyer will draft an agreement and highlight crucial areas that capture all the wealth considerations by law. There will be clarity once the dust of divorce settles, and each will claim what they rightfully own.
4. Save Time And Money
Divorce or separation cases can drag on for years due to the back and forth between you and your partner. Most of the time, you’ll defend your position concerning settlements and prove your matter.
Whichever the case, a prenuptial agreement might save you the time and money spent in courts and legal fees. A prenuptial agreement lawyer will easily craft a customized contract and refer to it whenever you or the court wish to change your marital status. Their diligence and attention to detail, among their top attributes, will be helpful in the long run.
5. Protect Yourself From Inheriting Debt
Couples have different approaches to finances which may affect how they cohabit. You might decide to overlook the flaws of your partner and hope to live happily ever after with them. But when things fall apart, and divorce is the only solution, you might inherit debts that accumulate during your marriage.
Prenup lawyers can present different scenarios that may include splitting property and liabilities. If you or your partner has debts when coming into the marriage, you can decide to list them as recommended by the legal practitioner.
6. Simplifies Divorce By Getting Good Representation
Preparing for any eventuality in your marriage is always good, and a prenup agreement can be an ideal strategy. You might need to leave your partner for personal reasons and request an amicable settlement.
If you can’t appear for a consultative meeting between you and your partner, a prenuptial lawyer can represent you and bargain for the best settlement deal using the agreement. It’ll simplify the divorce process and ensure that you safeguard what’s duly yours.
7. Protects Children
When kids come into the picture, they must enjoy their rights as prescribed by the children’s rights provision. It’s crucial to consider the possibility of expanding your family and equally distributing assets or wealth.
Child custody and welfare support aren’t part of the prenuptial agreement, and it’s the responsibility of the court to decide the best way forward. The prenup agreement mainly addresses financial matters rather than life preferences, such as holiday destinations for summer breaks and the like.
Consulting a prenuptial agreement lawyer might be the best gift to buy yourself before and after your marriage. It helps you to design a contract-like arrangement between you and your spouse and possibly guides you through your marriage life. You’ll learn how to manage your expectations if the marriage fails and what settlement you can get out of the union. In addition, you’ll safeguard the property or assets and debts you bring into the marriage.