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 attorneys.