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What are some benefits of a prenuptial agreement?

| Mar 17, 2021 | Uncategorized

When a Westchester area resident gets engaged it is an exciting time for the couple. There are so many fun plans to make including researching receptions venues, trying on wedding dresses, interviewing photographers, etc. But a couple should not get too wrapped up in wedding planning that they forget to consider their financial planning as well. Some couples may find that a prenuptial agreement is a good idea to protect their assets.

There are many benefits that a prenuptial agreement can provide for an engaged couple. Some of these benefits include:

  • Protects premarital assets. For couples who choose to create a prenuptial agreement, the main reason is to protect premarital assets in the event of a divorce. Assets that are acquired during a marriage are usually split equally in a divorce, which is why protecting assets acquired before a marriage is important.
  • Assigns debts. A prenuptial agreement can determine how liability for debt will be distributed between the two spouses.
  • Protects children. If a person has children, a spouse may receive benefits their children should have received.
  • Protect a business. A business can be designated as separate property in a prenuptial agreement so that it doesn’t have to be liquidated in the event of a divorce.
  • Streamline the divorce process. Newly engaged couples obviously don’t believe their marriage will ever end in divorce but if the marriage does end, a prenuptial agreement can help the divorce process go smoother.

A legal professional who is skilled in family law can help their client draft a prenuptial agreement that makes sense for their situation. They can advise their client as to why a prenuptial agreement can be a good idea and can make sure their future is protected no matter what happens.