Every couple wishes for a happy life ever after. Unfortunately, it is not the exact reality of marriage in today’s society. Marriages break for small reasons like communication gap and misunderstanding, money, property, etc., and one partner feels cheated. However, these problems can be curbed with a marital agreement contract.
You may assume a prenuptial contract to be unnecessary, but the agreement states your responsibilities, expectations, and boundaries. This way, you clear future conflicts that may arise in your marriage. Read to the end and learn more about why you should get a prenuptial contract before your wedding.
What Is A Prenuptial Agreement?
A prenuptial agreement is a written contract that states the rights and responsibilities of an engaged couple. This includes their premarital and marital assets and debts, and events to take place before their marriage results in a divorce or a partner dies.
There are misconceptions about a prenup agreement, however, note the contract is safe and doesn’t affect your marriage in any way. The process is easy, but you need a prenup lawyer to draft and review the prenuptial contract. Meanwhile, each partner is required to contact different lawyers to review their contracts.
A prenuptial agreement states the couple’s financial capabilities including assets and liabilities, divorce terms like child custody, property sharing, and compensation fees. A significant advantage of a prenuptial agreement is the protection of your children’s rights and future. It is easy to contact child custody lawyers to enforce all agreements stated in the prenuptial contract.
Why Is A Prenup Necessary?
Over the years, getting a prenup has had a terrible reputation in people’s minds. However, any relationship can benefit from a prenup, regardless of assets or income. If you are considering a perfect marriage cleared of tiny problems, then you should consider a prenup. Interestingly, drafting a prenuptial agreement is easy with the help of a prenup lawyer or other expert lawyer. Your lawyer will ensure everything in the contract is enforced with full protection of your interests and rights.
Below are eight reasons you should consider a prenuptial agreement before wedding if you still need to.
To Save Your Children From Outstanding Debts
Your spouse may have outstanding debts before marriage, and getting a prenuptial agreement saves you from sharing the debts. It also prevents your children from inheriting any of the debt.
Although these debts usually remain separate after marriage, issues can arise from resources distributed differently. Debtors may also turn to you for payment of debts acquired during the marriage even though the obligations were contracted for in the other person’s name.
To Show That The Relationship Is The Core Of Marriage
Unfortunately, the term “gold digger” is part of our vocabulary because some people are good at keeping their intentions secret. In a situation where you are wealthier than your partner, a prenuptial agreement will help you clarify that your union is about you two, not what you own.
To Make Essential Decisions Before Marriage
The best decision for your relationship is always when you are thrilled, and you can disagree to agree on significant discussions. For so long, finances have been one of the most challenging discussions for many couples; the earlier you talk about it, the better. In the end, no one is left in the dark if there is a divorce.
To Support Your Spouse
A prenup is not only used for protecting the assets of a wealthy spouse; it can protect the interests of another spouse who gives up a career or makes financial sacrifices for the family. For example, a spouse who stays home to raise children after giving up a job or supporting the other financially who attends school. In the cases above, the prenup offers the spouse compensation for their sacrifice if the marriage ends.
It Helps Solve Possible Alimony Issues Formally
The amount of spousal support is often an expensive discussion whenever a couple separates. The payable spousal support can be surprising for many people, especially when one spouse earns significantly more than the other. A prenuptial agreement allows both parties to remove spousal support and agree to a specific amount. It generally helps solve the issues of inferiority in terms of wealth comparison.
To Avoid Financial Breakdown If Divorce Occurs
Financial problems leading to bankruptcy is one of the problems divorce can cause. We know no one desires a happy marriage that ends in a divorce, but the wrong divorce can cost you your entire savings and financial stability. The good thing is that a prenup can save you from the above in a divorce.
It Prepares You For Any Disaster
It’s always a good idea to be prepared and know what steps to take in the event of a disaster. A prenuptial agreement is a legal document that ensures fair treatment for both parties if your marriage ends in divorce.
To Protect Your Business And Partnership
As a business owner or partner, a prenup can help you protect your ownership while you are in a relationship. This is important in a family business where you owe many stocks or assets.
Which Lawyers Are Best For A Prenuptial Agreement?
A Prenuptial agreement is a delicate contract that requires experts in the law field. Just in case you don’t know which lawyers to hire, below are competent lawyers to review your prenup agreement.
Matrimonial lawyers are experts in family law and are best in dealing with family matters like a divorce, property split, child custody, etc.
They are also well-versed in the family law regulations that apply in a state. They can acquaint you with the existing legal system in a state. A family law lawyer is also skilled at negotiating and mediating disagreements.
Contacting a divorce lawyer for a prenuptial agreement may sound strange before your wedding. However, it doesn’t stop you from having a blissful marriage. Seeking consultation from the best divorce lawyers will help protect the critical things precious to you. Also, consultation with a divorce lawyer will answer questions like What’s the divorce process? How to get the best from child support lawyers, and so on.
Business lawyers know how taxes affect prenuptial agreements. They can also assist in structuring the deal in the company’s interest. However, when hiring a business lawyer, consider the size and complexity of your firm.
Additionally, it would be best if you look for a lawyer with expertise in the area of law that concerns your company. For instance, employment law, intellectual property law, e.t.c
Estate Planning Lawyers
Attorneys specialising in estate planning can ensure that no previous documents conflict with your prenuptial agreement.
They can assist you with creating a trust, writing a will, and making other estate planning decisions.
They can also inform you of any tax repercussions and assist you in making plans for your loved ones in the future. This plan will entail the establishment of trusts and wills and also the selection of trustees and executors.
A Prenuptial contract is essential for future reasons, and it is best done before your wedding. The agreement should be discussed with an attorney at least three to six months before the wedding. However, all negotiations and discussions during the prenup can take one to two months. It is also essential to consult the best lawyers to finalise your marital agreement.