The proposal, the engagement, the ceremony, the rings – for some couples, marriages begin like fairytales. Unfortunately, they do not all have fairytale endings.
In fact, the US has a divorce rate hovering around 50 percent. It’s an unpleasant reality that many couples will simply not stay married. Furthermore, divorces are rarely settled amicably; child custody battles, alimony, and child support are all commonly points of contention.
How do recently married couples prepare for a divorce? A growing trend, especially among young people, are prenuptial agreements or “prenups”.
For some, just the word “prenup” is impossible to utter before, or during, a marriage. But for couples that want to ensure their assets are protected if things go south, it’s a viable option.
Many will be reluctant to consider it, but before the idea is dismissed here are three benefits of prenuptial agreements to consider.
Keep the state out of it
In certain situations, the state will play a role in partitioning the assets of divorcing couples. A prenuptial agreement reduces the likelihood of state involvement, ensuring that the wishes of the parties dictate how assets are divided.
Protect family heirlooms
We all have precious assets that we want to keep in the family, whether it’s jewelry, property, or stock options that have been passed down from generation to generation. A prenuptial agreement is the best way to protect these assets from your ex-spouse.
Parties accumulate debt during a marriage. In some instances, one spouse may bear more responsibility for that debt. It goes without saying that the financially prudent spouse does not want to be saddled with her ex’s debt obligations after separation, and the best way to do this is with a prenup.
Although they may sound simple, prenuptial agreements are complex documents that govern huge swaths of a person’s financial and personal life. A lawyer that specializes in family law can draft a document that stands up to legal challenges while encompassing the client’s concerns.