You have probably heard lots about the ‘prenuptial agreement,’ an agreement that is signed by a couple before they enter into a marriage. You may have seen them going terribly wrong on television shows or heard from a friend that they are great means for protection in your relationship, because you just never know what will happen. But did you know that there are pros and cons of getting a prenup, and that they are for some people but not for everyone? Couples tend to receive prenups when they own real estate before meeting their partner, or have many assets that are important to them. It is a great way to protect what you care about the most; however, you should always know the pros and cons before you sign away.
The Many Advantages
If you are considering a prenup, you should consider the following, and what they are good for:
- Protecting your property by helping both parties determine what they are entitled to if a divorce occurs
- Avoiding costly litigation in the future when all provisions are set out in stone
- Special provisions that are unique to a specific situation
- Explanation of how liability for debts will be split in the event of a divorce
- Protect both parties from creditor issues in the future
…And the Disadvantages
Of course, as with everything, there are some disadvantages as well. These include the following:
- The fact that some states do not allow certain issues to be resolved through a prenup that may mean the most to you, such as child support or custody matters
- The timing isn’t right because your marriage is too early
- One spouse may feel that there is a lack of trust if there is a need for a prenup
As you can see, there are many pros and cons of getting a prenup, and many things that you will have to think about before you dive right in. Have you spoken to your spouse and you have both decided that a prenup is best for you based on the circumstances of your marriage? Talk to us as soon as possible so we can help you with your case.
