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What Are the Benefits of a Prenuptial Agreement?

The new year is just around the corner, and this means people are making plans and resolutions to make 2019 better than in 2018. For people getting married in 2019, it will almost certainly be a good year.

If you are among those planning a wedding in the new year, then it may be wise to make discussing a prenuptial agreement one of your resolutions. Too often, people dismiss these agreements because they seem unromantic or unnecessary. But the fact is, there are many reasons why couples can benefit from having a prenup in place.

  • Addressing property – One of the main objectives of a prenup is to identify the separate property as such. It can also protect specific property from division, which can be crucial if either party has children from other relationships and wants to ensure those children receive those assets. If parties have a specific property to protect, sizable individual debts, or disparate levels of wealth, a prenup can be vital.
  • Setting rules – Parties about to get married are much more likely to pursue fair resolutions on difficult subjects than parties who are divorcing. As such, setting rules for things like spousal support, property division, and dispute resolution guidelines before getting married can be more productive and amicable. Keep in mind, though, that there are some rules that parties cannot set, according to state laws, including those that adversely affect a child.
  • Putting all the cards on the table – Yes, it can be uncomfortable to disclose all the financial details of your life and discuss your expectations in the event of a divorce. However, such information can be quite valuable for people about to commit to spending their lives together.

Having a prenuptial agreement can accomplish these and other goals a couple may have, as long as the agreement is legally valid. As such, taking the time to create an enforceable contract with the guidance of an experienced family law attorney will be wise. Failure to do this could render the document (and any protections it might have offered) subject to contest.