Prenuptial agreements have a bad reputation, but despite their tainted
notoriety, these handy documents can do wonders to protect your assets
and open the lines of communication. Many people mistakenly believe that
prenups are only for the extremely wealthy. While a prenuptial agreement
can help protect someone with a large number of assets, it can be just
as crucial, if not more so, when used to protect the assets of the average Joe.
Before you enter into the bonds of holy matrimony, make sure you consider
how a prenuptial agreement might benefit you.
1. Protect Your Assets
Try thinking of a prenup as a safety net. By establishing a legally binding
prenuptial agreement before you marry, you can establish who owns what
as you enter into the marriage. In other words, if the worst should happen
and you should end up divorcing, the two of you can avoid messy litigation
by turning to your prenuptial agreement. This document can create binding
rules for property division in the event of a divorce, which can help
make a difficult situation just a bit easier.
2. Safeguard Your Children’s Future
Not only does a prenuptial agreement help protect your possessions, it
can also help secure your children’s inheritance. If either of you
has children from another marriage, a prenup can be used to designate
what the children or stepchildren are entitled to if the marriage should
end. Even if you don’t have children yet, your prenuptial agreement
could state how you would want matters of custody or support handled in
the event that you do have children later on. Couples could also establish
a potential plan for spousal support in the event of divorce. By making
these decisions early on, couples are able to plan with clarity, rather
than anger or resentment that may cloud the judgment of divorcing couples.
3. Be Open About Your Finances
Even though establishing a prenuptial agreement isn’t a particularly
romantic affair, it is very practical, and it can also help to support
your relationship, rather than undermine it. When a couple sits down to
draw up a prenuptial agreement, they have to discuss several difficult
or otherwise overlooked issues. For example, a prenup will require you
and your spouse-to-be to discuss your long-term financial plans, ideas
for your children’s inheritance, and debt. By discussing these topics
early, you set yourself and your spouse up for a healthier marriage based
on efficient communication and clear expectations.
Interested in establishing a prenuptial or postnuptial agreement? Contact The King Law Firm
to discuss your legal options with our Bronx divorce attorney.