Many individuals consider prenuptial agreements unromantic. They see them as representing a lack of trust or a sign you may not think the marriage is a forever one.
However, prenuptial agreements are simply a practical measure. Having one shields not just you but also your future partner from potential problems.
Protecting assets
If you come into a union with a great deal of property, large lifelong investment accounts or a business you built up from the ground, it is natural to be wary of losing them in case of divorce. A prenuptial agreement is a way to ensure you hold on to what you spent years working hard to build. You may also use it to protect family property passed down from your ancestors or inheritances.
Ensuring fairness
The law forbids extremely lopsided prenuptial agreements. The contract must be fair to both parties or it is likely to end up tossed out in court. Any agreements forgoing child support in case of divorce are invalid. One signed through coercion or without full comprehension by the signee is also not legal. Prenuptial agreements exist to ensure both sides receive equitable treatment in case of divorce.
Accounting for debt and existing children
Prenuptial agreements may also help you preserve your offspring’s inheritance from you by separating it from potential distribution during a divorce. They may also aid in making sure both you and your fiancée do not end up saddled with the other’s debt.
While prenuptial agreements may seem cold, they are actually useful tools. Obtaining one serves to protect both you and your partner, and possibly even your children.