When discussing marriage, the first thoughts that come to mind are love and companionship. Nevertheless, marriage comes with complications, some of which are often overlooked when it centers on romance.
Let’s be real: not every marriage has a happy ending.
And it is in such situations that prenuptial and postnuptial agreements come into play.
These contracts are like safety nets, protecting both parties and helping to make the separation process easy.
Advantages of Prenuptial Agreement
Before dismissing the idea as unromantic, let us consider how a prenuptial agreement strengthens a union by promoting openness and ensuring that both parties’ rights are protected.
1) Financial Clarity Right From the Start
One of the most prominent benefits of making a prenuptial agreement is the financial openness that comes with it.
Each spouse’s financial obligations, possessions, and liabilities are stipulated in a prenup. No more playing guesswork on who possesses what or who pays what debt.
2) Preservation of Separate Property
When two people marry, they often bring their pre-existing assets into the relationship—property, investments, or even family inheritance. Without a prenuptial agreement, these assets could become intertwined with marital property and be subject to division in the event of a divorce.
Let’s face it: there is no way to incur those expenses. A prenup is crucial for those who own a business, have investments, or have personal savings at risk of being taken away. Therefore, both parties shall be assured that the assets acquired before the marriage remain intact.
3) Protection of Business Interests
If you or your spouse run a business, a prenuptial agreement can save you the hassle if anything happens. If not, it could, in divorce, be regarded as property acquired during marriage.
There are key consequences that a properly done prenup can avoid. This is especially the reason why business owners would prefer such a document. The business will remain in the hands of the owner as it should be, with no interruptions that would affect other business partners and employees.
4) Defining Alimony and Spousal Support
Another advantage of a prenuptial agreement is that it allows the couple to fix the terms of alimony or spousal support before marriage. This can cover issues such as the support amount, duration, and the circumstances that would trigger it.
Everyone gets an idea of what the parties stand to lose in case the marriage does not hold. This reduces the anxiety and shock that may accompany if legal issues arise in the future.
5) Protecting Children and Family Interests
A prenuptial agreement can protect the children’s inheritance if one or both spouses have kids or there are kids from their previous marriages or relationships. This assists in setting aside specific property for kids and other family members to avoid misunderstandings or arguments during property distribution.
Unambiguous provisions on the distribution of property will also enhance balance and ensure each party’s interests are considered.
6) Streamlining Divorce Proceedings
Most people do not even want to picture the end of their relationship and consider divorce during the wedding preparation. But then it is also reasonable to take into account each one of the probable situations. In the unfortunate event of a marriage breakdown, a prenuptial agreement can reduce the degree of turbulence that is likely to occur after the end of the union.
In the United States, the divorce rate has reduced over the last two decades, decreasing from 4 divorces per 1000 in the year 2000 to 2.3 by the year 2020. It has been noted, however, that the impact of the COVID-19 pandemic may artificially modify those figures, and therefore, legal protection should always be considered, even by couples.
Conclusion
Whether searching for strategies for marriage agreements– prenuptial or postnuptial agreements, it is important to hire an experienced lawyer if you want to defend your rights and interests.
The lawyer ensures that the agreement is equitable and provides assurance that no legal issues remain unchecked. Love is the grounds for marriage, but a clear-headed contract will always protect one’s feelings and property.
Source: Manassa Law, Divorce Attorneys
