Prenuptial agreements are legal and binding agreements between couples who are about to be married which protect the belongings, assets and money of each spouse. They illustrate what is to happen in the event of a divorce, regarding those finances and assets. While many individuals consider prenuptials, others may feel as though it is an admittance that the marriage will fail before it even starts. Below is some important information on the pros and cons of prenuptials.
Pros of Prenuptials:
- Prenups protect family inheritances of both partners in a marriage.
- They often eliminate battles regarding finances, money, assets and property which can occur during a marriage or separation.
- They protect the children of a previous marriage in the event that something happens to the children's mother or father. They will allow the children to receive the property, assets and financial benefits which belonged to the mother or father.
- Having a prenup can protect the finances, property and assets which were accumulated previous to the marriage and rightfully belong to the partner who earned them.
Cons of Prenuptials:
- Prenuptial agreements are often viewed as proof that the couple does not trust one another, which can cause friction even before the marriage begins.
- In certain situations, prenuptials can be ignored if there is proof of duress at the time of signing, proof that all details of finances, assets and property were not disclosed or certain other situations.
- There is a possibility that prenuptial agreements may cause resentment between spouses, creating problems within the partnership.
Considering the pros and cons of prenuptial agreements can leave couples wondering whether or not they should sign one. The choice is entirely dependant upon the couple and their own desires. It is very important to sign a prenuptial if an individual wishes to protect the rights of children from a previous marriage or other family members in the event of his or her death. Without a prenup, most belongings will rightfully be the property of the person's spouse.
It is also important that the couple seek the assistance of a qualified attorney before signing a prenup. The attorney can ensure the fairness and legality of prenuptial agreements, protecting both spouses in the event of a death, a separation or a divorce. The couple should openly discuss whether they wish to have a prenuptial agreement or not and all connected information should be laid out on the table before proceeding in either direction.
