Television shows and movies make getting married to reach a lucrative payday seem commonplace. Most couples considering prenuptial agreements have bigger real-world concerns than the soap opera ideals of what a prenup is and what it is not. The average couple gets married hoping for a happily ever after. Unfortunately, relationships can sour, and divorce happens. The love that once permeated a marriage can quickly be replaced by animosity and hatred when couples start fighting over assets and property. A prenuptial agreement, often called a prenup, can go a long way towards tamping down the conflict during a divorce. A prenup clears up the details of how a couple will divide premarital assets, and it can provide important protections for both parties in the event of a divorce.
5 Benefits of Getting A Prenup Before You Get Married
While it’s true that every couple won’t need a prenup, it can be a vital tool for those with interests that need protecting. If you’re unsure whether you need a prenuptial agreement, here is a list of five of the most beneficial reasons to draft a prenuptial agreement.
- Promotes Honest Financial Conversations: Many couples try to avoid uncomfortable conversations, and it seems that no conversation is as uncomfortable as money and financial health. Having a candid conversation about your financial health, debts, and assets can help a couple prepare for their future and avoid future marital issues. Money issues are a leading cause of marital strife, and a prenuptial agreement can clarify important issues if a couple has assets that need protection.
- Establishes How Assets are Shared: Couples get married later in life with more assets and wealth than ever before. It’s not uncommon for one partner to have more assets than the other or for both parties to have interests that need protection. A prenup can help establish a fair distribution of assets if the marriage ends in divorce. This can be particularly important for seniors who marry or remarry later in life. You can’t afford to risk your retirement assets in a divorce because you may not have time to recoup those losses before you would need them.
- Outlines Marital Property Divisions: Determining marital property can throw a divorce into an abyss that derails the process for years. Couples with considerable assets can especially become bogged down in bitter property battles. A prenuptial agreement can help define marital property and how it will be shared. If a couple defines their marital property in a prenuptial agreement, if they divorce, the court will respect their wishes.
- Provide Debt Protections: Marrying a person doesn’t mean you know everything about them. It’s unfortunate, but many couples marry without having important financial conversations. When you marry someone, you indirectly agree to marry their debt. If one person is in far more debt than their mate, it can lead to serious issues if you decide to divorce. By drafting a prenup, you can have a conversation about your respective debt loads and include protections to shield you from your spouse’s financial liabilities.
- Create Provisions for Children from Previous Marriages: If you are preparing to remarry and you have children from your previous marriage, it’s important to consider how you want your assets managed if you divorce. Any property you own could be lost in a divorce, even property intended for your children. A prenuptial agreement can help you earmark assets meant for your heirs. Without this type of protection, your children could lose their right to these assets in a divorce.
What Should a Woman Ask For In a Prenup?
While the idea of a prenuptial agreement might seem like a downer before embarking on such a momentous journey as marriage, it can be an empowering tool for women. The purpose of a prenup is the security of each party’s finances and assets in case of legal or financial complications. Women should approach this process with the same assertiveness they have so often applied in other realms.
When creating their prenup, women should ask that their contribution to liabilities and assets during the marriage is accurately noted and accounted for - there's no room to forget about investments in home renovations or any sort of monetary contributions when it comes time to divide them up. If a woman also has children from prior relationships, she should make sure that they are provided for financially if something happens to her or she divorces her current partner. Ultimately, creating a solid prenup gives women control over their financial future,and makes sure that whatever life has in store, they will not be without provisions.
- A woman should request details regarding the division of marital property, including debts and real estate holdings.
- Additionally, alimony should be addressed in the prenup; this will help to ensure that a woman is provided with financial support if the union ends.
- Lastly, life insurance coverage should also be requested to make sure that any children born out of the marriage are adequately provided for after either parent's death. Without some kind of formal agreement, a woman may be unprotected from possible hardships during or following divorce proceedings so it is important to ask for these items in order to ensure security throughout any future complications or changes in circumstances.
Oceanside Prenuptial Agreement Attorneys
A prenuptial agreement can save you time and money that would otherwise be spent on court filings and legal fees. The hours and dollars spend litigating property in a divorce can also damage your relationship beyond repair, which can be difficult for divorcing couples with minor children. Contact the Oceanside prenuptial agreement lawyers at Palmer Rodak & Associates. We can meet with you to discuss prenuptial agreements and all your options. Call us at (760) 573-2223 to schedule a consultation today.