The Benefits Of Prenuptial Agreements
The decision to get married is often a romantic one, based on compatibility and a couple’s desire to share their lives. It is, however, important to remember that marriage is also a financial and legal partnership. This is why so many couples choose to enter into prenuptial agreements before they get married. These legal documents can help couples remain practical and prepared not only for divorce, but for other potential life changes, like disability or divorce. Read on to learn more about some of the biggest benefits to entering into a prenuptial agreement.
Protecting Your Assets
Prenuptial agreements are legal contracts that two people enter into before they get married. They are used primarily to outline how assets will be managed not only during the marriage, but in the event of a divorce or death. In fact, assets protection is one of the most important benefits of a prenuptial agreement, as they ensure that any separate assets that a party brings into a marriage remain in his or her sole possession if the marriage ends. This is especially important for those who are entering into a marriage with significant assets, or unique properties, like a family business. A prenup can ensure that a business doesn’t end up being subject to division or control by the other spouse if the marriage doesn’t last.
Clarifying Financial Responsibilities
Another benefit to prenuptial agreements is that they can be used to outline each party’s financial responsibilities during the marriage, including:
- How certain bills are paid;
- How debts will be managed;
- Who will make savings contributions; and
- How the parties invest.
Clarity in these areas can make all the difference when it comes to preventing conflict and misunderstandings. A prenup can, for instance, protect one spouse from being held liable for the other’s debts. In the end, a clear delineation of financial responsibilities could actually help a couple avoid divorce.
Reducing Conflict in the Event of Divorce
Even an amicable divorce can be both financially and emotionally draining. Prenups set clear expectations about how assets will be divided in the event of divorce. This can, in turn reduce conflict between couples, who won’t have anything to fight over, as well as legal costs, as the parties won’t be required to litigate their issues in a long, drawn-out court battle.
Prenuptial Agreements Can be Tailored
One of the biggest benefits of prenuptial agreements is that they don’t have to be boilerplate contracts, but can be tailored specifically to a couple’s needs. In this way, soon-to-be spouses can come up with custom solutions for the management of their unique situations, with agreements taking into account specific assets and concerns.
Is a Prenuptial Agreement Right for You?
Prenuptial agreements can offer peace of mind and financial protection to the parties involved. To learn more about these kinds of contracts and whether one could be right for you and your partner, please call dedicated Florida prenuptial and postnuptial agreement lawyer Sandra Bonfiglio, P.A. at 954-945-7591 today.