Divorce is typically one of the last things people want to think about when they are about to get married. However, couples who have certain assets, children from previous relationships or anything else to protect in the event of a divorce would be wise to at least consider having a prenuptial agreement in place.
There are a number of reasons why a prenup can be effective if you are getting married, especially with regard to the property division process. Below are three of these reasons.
- A prenuptial agreement can categorize property. For instance, you can define what is and is not separate property, and you can make decisions on how to divide certain assets in the event of a divorce. This can be more appealing than fighting over every item or leaving the decision in the hands of the courts.
- You don’t have to let negative feelings dictate your financial future. Two people getting married love and care about each other. The same usually doesn’t hold true when a couple is getting divorced. Making decisions together and in a positive mindset can ensure that an agreement is fair and in your best interests, and it can prevent a lot of unnecessary fighting.
- It can also address debt. Millions of Americans are carrying debt, and in the event of a divorce, marital debt is divided in much the same way as your assets, according to state property distribution laws. To protect each other from separate debts, though, you can limit liability in a prenuptial agreement.
The process of dividing property can be one of the most painful elements of a divorce. However, if you have a prenuptial agreement, you can be relieved to have made some of the difficult decisions already. Of course, it can be a challenge to create a prenup as well, but once you have a valid agreement in place, you can turn your focus back to your marriage.
In order to ensure a prenuptial works for you and will ultimately protect you in the event that you do get divorced, it will be crucial that you consult an attorney prior to agreeing to anything.