You may be considering having a prenuptial agreement, or prenup, if you are getting married. To get security and peace of mind regarding their finances and responsibilities before to marriage, many couples complete a prenuptial agreement. Prenuptial agreements specify precisely what is going to occur to those entities once the couple gets married and how spousal support will be handed out in the case of a divorce.
Prenuptial agreements can offer advantages, but there are drawbacks as well. To know about the benefits and disadvantages of this contract, contact a family law attorney, David J. Rodriguez so that you can decide for yourself.
What is a prenuptial agreement? What are its advantages and drawbacks?
Prenuptial agreements are written contracts made by two people before they get married. The following information will be mentioned in this contract:
- Each person’s entire property portfolio
- Every debt that a person bears
- Each person’s post-marriage property rights
- Provisions for setting aside assets for children from previous marriage
- Provisions outlining how much spousal support a victim of divorce will receive
Prenuptial agreements are frequently linked with celebrities or wealthy individuals, but all marriages can benefit from obtaining one. Many individuals with little wealth are getting prenuptial agreements to protect their assets before marriage.
Pros of a Prenup
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Protect Your Money
You can make clear your financial rights and responsibilities before getting married with a prenuptial agreement. This is essential to protecting your money, irrespective of your income level or if you have children together.
Many people believe that this implies keeping their wealth apart from one another; however, this is not exactly accurate. Instead, a prenup lets you and the other person work together.
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Designate Property to Children
A prenuptial agreement cannot legally include child support and custody information. But you can utilize it to control what happens to your assets in the case of your demise. This is especially important if a spouse is the parent of children from a previous relationship.
Cons of a prenup
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Not always ironclad
Although a prenuptial agreement is an official tool, the court must not always comply. For example, a judge could find yours unacceptable if it favors one spouse over the other heavily. It may also be rejected if it has any legal infractions in its terms or provisions.
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Is not romantic
Discussing finances, assets, and inheritance when you are still engaged to each other might not be romantic. However, a prenuptial agreement should not harm a relationship’s chemistry!