Marriage is a matrimony wherein two people decide to unite. It is the start of a life-long commitment. But some marriages do not proceed as simply as that. Some couples prepare an agreement before they marry. This post will let you understand why some couples want a prenup agreement before marriage.
Other people think of this agreement as a lack of trust in the spouse. However, the couple might have reasons that made them decide to create one. For this reason, it is best to respect the couple’s decision.
The Need for a Prenup Agreement
Not all couples need a prenup before getting married. You can go to family law firms if you are about to get married and confused about this agreement. This way, you can check what it is all about. Here’s why a prenup can be right in a given situation:
1. Prenups serve as protection.
A prenup contract can protect those who have assets that are worth protecting. It will safeguard any of the couples who need it. Aside from that, it can help you maintain your finances and your financial future after the divorce.
2. Prenups prevent stressful situations.
It is unlucky to end a marriage, but some couples need to do it. At this point, having a prenup helps both parties avoid stress in determining what each of them should have. Some divorces involve vengeful spouses who might want to take everything. But it will not happen if a prenup contract is in between them.
3. Prenups leave businesses untouched.
Married couples who will end in divorce can also protect their businesses. The business will be out of the picture once the marriage needs to come to an end. In effect, investments will remain safe for the owner’s interest.
4. Prenups prevent you from inheriting your spouse’s debt.
A prenup contract can protect you from taking responsibility for your spouse’s troubles. Aside from that, it is your shield to keep your finances stable if your marriage ends in a divorce.
5. Prenups protect children.
People need to protect their children from a previous marriage. Their assets can slip out from their children once they die. But it can’t happen if a prenup contract exists. In this case, children will have a stronghold of their assets if something happens to the child’s parent.
6. Prenups are not only for divorce but also for a spouse’s death.
Couples can also use a prenup contract as an agreement if one of them dies. It will involve the details of asset division and how much the remaining spouse will gain. In effect, there is nothing to argue about in any of the deceased spouse’s assets.
7. Prenups aim to fit your exact needs.
Both parties can include anything inside the agreement. Both of you have the freedom to cover anything you want. In this case, the couple will decide everything they need to agree upon inside the prenup contract.
The need for a prenup agreement depends on what the couple wants to secure. Aside from that, the couple is in the same boat in creating this contract. A couple’s situation can differ from the other. Whatever the reasons might be, they agreed to it.
Meanwhile, it is also best to understand the potential drawbacks of creating a prenup contract. You have to understand all the sides of having a prenuptial agreement. This way, you can consider everything and decide whether you need it or not.
The Disadvantages of Prenups
The items below are also essential to consider when wanting to have a prenup contract. It will also allow you in your decision-making. Here are the cons of a prenup:
- First and foremost, it can create a certain level of distrust if one of the couples is against the prenup. This distrust can become a source of a rift, leading to the complete failure of the marriage. At this point, both parties should understand the pros and cons before signing the contract.
- Having a prenup contract can ruin the romantic idea of marriage. It is not typical among couples to talk about a prenup during their planning period for their wedding.
- Furthermore, both parties might leave something behind while making the contract. In this case, it will not cover undeclared assets.
- Lastly, a marriage with a prenup contract gives the feels that it is meant to fail.
In general, no one wants to experience a marriage failure. Everyone wants to have a successful marriage and live life together until the end. However, a prenup is a choice for protection, especially now that divorce is extremely common among married couples.