5 Benefits of a Prenuptial Agreement
A prenuptial agreement is a legally binding document that determines how a couple will divide their debts and assets in the event of divorce. If you’re considering whether a prenup is right for you, it’s helpful to consider the 5 most common benefits.
1. Opening Communication
Discussing and planning a prenuptial agreement may seem scary or stressful, but it could be one of the most positive aspects of planning a marriage. Maybe you or your partner have been worrying about what would happen to your assets if you ever got divorced. Vocalizing financial worries or debts ahead of time, and creating a plan to address them as they arise, helps start a marriage with honesty.
2. Saving Money & Time
Divorce can be time-consuming and expensive. Even if you and your partner agree on every aspect that plagues divorce proceedings, you could still spend hundreds or thousands of dollars in court and legal fees. Many couples may start the proceedings on the same page but end up disagreeing on important points as the process goes on.
A solid prenuptial agreement allows couples to solve the most common legal hurdles before a divorce, which can bring a swift resolution to the process and avoid a long court battle.
3. Protecting Your Separate Property
Asset division can be one of the most contentious areas of divorce. A judge’s first task is generally to identify which property is separate and which is marital, and then divide It. A prenup takes that choice out of the judge’s hands and places it firmly in your own. With a prenuptial agreement, you and your partner have complete control and can define what assets you would like to keep separate.
4. Defining Marital Property
If there is no prenuptial agreement, a court will assume any property acquired during the marriage belongs to both of you. The court will split the property fairly between you and your partner.
With a prenuptial agreement, you can decide whether you would like to split your marital property evenly or divide it based on a percentage you agree on.
5. Reducing Conflict
Because your wishes and assets are defined and worked out in the prenuptial agreement, if you get divorced, there should be no cause for arguments or conflict between you and your partner. Your wishes should be made as clear as possible so there are no surprises.
Our Attorney Can Help
At Dale L. Bernstein, Chartered Law Office, our prenuptial agreement attorney can help you construct a solid document to serve as the foundation of your marriage. We know the common points of interest for most couples and can work with you and your partner until you are equally satisfied with the contents.
Contact our firm online or give us a call at (727) 312-1112 for your legal consultation.