Getting into a relationship with someone who ends up in a marriage is good. After the marriage and things start going backward unexpectedly.
The next action that comes to your mind might be a divorce, but before you go ahead, have you thought of what you’ll lose or gain?
This guide gives you a better understanding of the prenuptial agreement.
What is a Prenuptial Agreement?
A prenuptial agreement is an undisclosed contract that details how assets and finance are divided between a couple during marriage and in the event of divorce or one spouse’s death.
This form of legal agreement is not mandatory for every couple, but note that in the event of divorce, the state has the right to distribute assets and finance at its discretion. This may not be favorable.
A prenuptial agreement touches on concerns like spousal support and inheritance.
Reasons for a Prenuptial Agreement
- A prospective spouse holds significant assets before marriage
- The future spouse has children from a previous marriage.
- A prospective suitor or wife is a divorcee
- Future spouse has incurred debts
- The future spouse owes a business and family inheritance
How to Get a Prenuptial Agreement
Before going ahead with the process, you should communicate your decision with your future spouse early enough.
Don’t get everyone involved in decision-making except your future spouse. Have a good mindset about it, and it shouldn’t be viewed as a wrong way to get at each other when things go wrong.
Having agreed with your prospective spouse, you can take these steps.
- Consult an attorney that can represent your desires.
- Provide your financial information, assets, and liabilities inclusive.
- Spell out the financial and marital goals of the agreement with the aid of your attorney
- Negotiate the outlined agreement with understanding
- Have a review of the final agreement after necessary changes have been effected
- Execute the agreement
Note that carrying out a prenuptial agreement requires money. The cost varies based on the attorney and state law.
Some lawyers may charge per hour, while others give a cumulative sum that will be based on the content of the agreement and the financial status of the couple.
Generally, it is lesser for couples who just need a lawyer to assent to their agreement than for a couple who need to be enlightened on the agreement process.
Benefits of a Prenuptial Agreement
Despite the differing view on a prenuptial agreement, it has some benefits, as outlined below.
- It reduces the cost of going for a divorce. This is because everything needed for divorce is already spelled out before marriage. Also, in the event of a divorce, it eliminates unnecessary arguments over spousal support or inheritance.
- It helps in assigning debt, especially when there is an outstanding debt before marriage.
- t gives a clear division of assets in death. The prenuptial agreement can stand in as a will in the case of death. The conflict surrounding the distribution of assets will be minimized.
- Prenuptial agreement favors those with a high financial and social status in the case of divorce or separation. This does not mean that those with few or no assets should neglect its importance.