Prenuptial agreements are not only for the wealthy and are for everyone. Prenuptial agreements can provide many different benefits for couples entering a marriage that they should be familiar with.
The benefits of a prenuptial agreement for couples considering one can include:
- Protect the assets of both of the future spouses and also protect the future spouses from the debts of the other;
- Clarify financial rights and responsibilities during the marriage;
- Determine how property will be passed if one of the spouses dies; and
- Save time and money if the couple decides to divorce at some point by avoiding common property division-related disputes.
When a couple without a prenuptial agreement decides to divorce, state property division laws will determine how their marital property is divided which may not be how the divorcing spouses would like their property divided. Prenuptial agreements allow both soon-to-be spouses to protect themselves and their interests and provides the couple with greater control over the property division process.
There are a variety of important requirements associated with prenuptial agreements to ensure that both soon-to-be spouses understand the agreement and are freely entering into it. It is important for couples entering a marriage, who are also considering a prenuptial agreement to outline and protect their interests, to understand the requirements associated with a valid prenuptial agreement.
There are a variety of different myths and misconceptions commonly associated with a prenuptial agreement. Prenuptial agreements are one of the many tools available through the family law process that can help couples and families address their unique concerns which is one of the reasons why couples should be familiar with the benefits of prenuptial agreements.