Prenuptial agreements provide a range of benefits and protections beyond those that are commonly considered. Couples preparing to get married may wonder if a prenuptial agreement is a good idea for them. Because of the many benefits of a prenuptial agreement, it is worthwhile for couples tying the knot to consider a prenuptial agreement.
Benefits of prenuptial agreements
There are several potential benefits of prenuptial agreements for couples to consider including:
- Documenting the separate property of each of the soon-to-be spouses;
- Distinguishing between what is considered martial and community property and separate property;
- Documenting any special arrangements between the soon-to-be spouses;
- Avoiding extended court proceedings which can be costly, time-consuming and potentially acrimonious if the couples decides to divorce at some point;
- Reducing conflicts during divorce;
- Assigning debts, including credit cards, school loans and mortgages, to soon-to-be spouses so they will not share jointly in debt liability one spouse entered the marriage with;
- Supporting the couple’s estate plan if property distribution becomes necessary; and
- Establishing rules and procedures for any issues that may come up in the future.
Making informed decisions
Couples planning to get married should leave themselves enough time to consider the benefits of a prenuptial agreement and to negotiate and draft one that meets their unique situation and needs. There are also certain requirements prenuptial agreements need to meet including that both soon-to-be spouses need to have time to evaluate and consider the agreement.
Prenuptial agreements can help couples in a variety of different situations and circumstances who are getting ready to take a walk down the aisle. For that reason, couples entering a marriage should consider the benefits of a prenuptial agreement.