While no couple walks down the aisle assuming their marriage will end in divorce someday, it is impossible to predict the future. Since you cannot know what will happen weeks, months or years from now, it makes sense to protect your interests against possible contingencies that could arise someday. One way you can do this is by drafting certain contracts before you walk down the aisle.
A prenuptial agreement is a marital contract that allows a couple to make decisions regarding property and other matters before they even marry. It may seem strange to plan for a possible divorce before marrying, but in reality, it could be a beneficial step for you, regardless of your income, your property and other financial details. A prenup is not something only necessary for the rich and famous. Before you say your vows, you may benefit from seeking an understanding of how this step could be practical for both you and your soon-to-be spouse.
The function of a prenup
A prenuptial agreement is a legal document that sets forth how a couple will divide marital property in the event of a divorce, but this contract can also address much more than your physical assets and your money. Through the terms of your prenuptial agreement, you and your spouse can make decisions on matters such as spousal support, financial responsibilities of each party during the marriage and more. Some of the reasons you could benefit from a prenuptial agreement include the following:
- You can reduce stress and complications in the event of a divorce.
- You can have control over what happens to your property.
- A divorce could cost less and take less time when there is an enforceable prenup.
- It is your second marriage, and you have specific financial interests to protect.
- You or your spouse own a small business.
- It can protect you in case you receive an inheritance at some point.
Creating a prenuptial agreement does not mean that you expect your marriage to fail. It simply means that you want to secure your interests and eliminate the need for litigation and other complications in case of a divorce. You may find that the discussion about your prenup could be helpful as you and your spouse look forward to your new life together.