One of the happiest days of your life is your wedding day. When you’re getting married, no one likes to face the possibility that it could end, but the reality is that about 50% of marriages end in divorce. A prenuptial agreement is a legal document that is signed before the marriage to protect each person’s financial stability in case of divorce or another dissolvement of the marriage. A prenup may not sound romantic, but it’s an important discussion to have with a person who you plan to spend the rest of your life with. Here are some reasons to have a prenuptial agreement.
Opens the Discussion About Finances
People don’t always like to talk about money, but if you’re getting married, you can’t avoid that discussion. A prenuptial agreement lets you be honest about your finances.
Avoid Lengthy Divorce Proceedings
It’s painful to go through a divorce under any circumstances. A prenup can help you manage some of the stress of fighting over assets and save you time. By outlining the terms of a separation while you’re still reasonable and not fighting, it can help avoid much of the divorce process.
Divorce Can Ruin Your Credit
A prenuptial agreement can help stabilize your finances through a divorce. You won’t be able to get out of child support with a prenuptial agreement, but you can possibly avoid spousal support or taking on your spouse’s debt. If you own a business, your spouse can claim partial ownership in a divorce. Your prenup lets you decide how to handle that situation to provide stability to your company.
Protect Your Family Estate Plan or Property
If you have cherished items that you want to keep in your family, your prenuptial agreement can address those items to keep them separate from the marital assets. There may be questions about inheritance that are addressed in your estate plan, but that may only apply upon your death, not divorce.
Do You Need a Prenuptial Agreement?
Only you and your lawyer can determine the importance of a prenup to your situation. A prenup is a smart decision that helps you in case of the worst. It’s like disaster preparation. You hope you never need it, but when a tragedy occurs, you’re glad you’ve got it. If you never need it, there’s no harm done. If you’re getting married, discuss your financial situation with a lawyer, like a family lawyer in Fairfax, VA from May Law, LLP, who can help you make sense of a prenuptial agreement.