Educate Yourself About Law

Three Reasons Why It Might be a Good Idea to Get a Prenuptial Agreement

by Erika Reed

One popular opinion is that only rich people draw up prenups before they get married. Additionally, there is a negative connotation that comes with the idea. When people are getting married, they are usually in the best place with each other romantically. Introducing the prenups can be misinterpreted to mean one person is not sure about the commitment. However, people who have lost a marriage understand the wisdom of planning for any outcome. Here are three reasons to consider consulting a family lawyer and creating a prenuptial agreement.

Separation of Property and Inheritance

If this is not your first marriage, and you have children from previous marriages, you need to think about their future even as you get into a new marriage. In the prenups, you are allowed to spell out what will happen to your property when you pass on. If you do not have a prenuptial agreement or a will, the spouse who survives you will have the sole discretion to decide what happens to the property you had acquired before the marriage. If they are not in favour of your children getting a fair share of your property, the children will suffer.

Avoiding Financial Complications During Separation

After a divorce, a couple's biggest headache is sharing the money and property. A prenuptial agreement spells out the financial boundaries that you and your spouse will have during and after the marriage. You are allowed to spell out how the property will be shared and whether or not the spouse will receive spousal support. It is wiser to go into marriage with these terms spelled out than to wait for the worst to happen before you start wondering how to fix it.

Getting Debt Protection

When the idea of marriage and divorce comes up, most people think about the division of money and property. Most assume the possibility that their partner could create debts during the marriage, and they might end up having to settle those debts for them. With a well-written prenuptial agreement, it becomes very easy to shield yourself from irresponsible financial decisions by your spouse.

Competent family lawyers will draw up the prenuptial agreement. They will also help you approach your spouse with tact so that you can all be on the same page when the marriage starts. It is better to have the details spelled out than to leave things to chance. Family lawyers ensure you enter the marriage fully protected from eventual losses. 

To learn more, contact a family lawyer.