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What are the benefits of a prenuptial agreement?

| Apr 5, 2021 | Divorce

When a White Plains area couple becomes engaged they are full of excitement and anticipation for the next big step in their lives. Wedding planning can be a couple’s new full-time job, full of appointments, researching of venues and the best cake flavors, shopping for wedding accessories, etc. It’s such an exciting time and although a couple may believe their marriage is destined for eternity, it is also a good idea to think about the possibility of it ending in divorce. If a person has financial assets before marriage, they may want to think about creating a prenuptial agreement.

There are many benefits that a prenuptial agreement can provide. These include:

  • Defines separate property. One of the main benefits of a prenuptial agreement is determining what assets a person brought into the marriage. Assets that a person accumulated before marriage will stay theirs upon a divorce if it is written into a prenuptial agreement.
  • Assigns debt. A prenuptial agreement can assign debt to the spouse that brings it to the marriage. If a person is entering into the marriage with thousands of dollars of student loans, the other spouse would not be responsible for that debt if they get divorced.
  • Fosters communication. Creating a prenuptial agreement can be a good activity for a couple to discuss their property, finances, and marital expectations. A couple will begin their marriage with clear communication and expectations.
  • Protects inheritances. If a couple has children, it is important to protect the property they may inherit. If the couple gets divorced, they may remarry. It is important to define what assets the children can claim so that it is not brought into question.
  • Efficient divorce. If the couple’s marriage ends in divorce, the prenuptial agreement can allow for a smooth and swift process. All major terms are decided on in advance and a court will not need to intervene.

A legal professional who is skilled in divorce can help a person draft a prenuptial agreement that makes sense for their personal situation. A prenuptial agreement can be a smart idea just in case a marriage doesn’t last forever.