Prenuptial agreements are one of the most important legal documents to safeguard your financial future before marrying. While many might agree that they’re not for everyone, each person is unique and should base their decision on their unique circumstances.
The biggest misconception about prenups is that they foretell with certainty that a marriage will fail. This is completely untrue. If anything, a prenup will safeguard spousal finances should one happen. We’ve provided some of the benefits of a prenup agreement and what to be aware of when deciding if one’s right for you.
Call us today and ask about our prenuptial agreement services. One may help avoid headaches and heartaches in the future.
The Benefits
Many people usually avoid discussing prenuptial agreements, and in some cases, mentioning them will result in serious discussions between potential spouses. Oftentimes, however, both agree to one. Finances cause many divorces to be filed under irreconcilable differences, and taking the time to talk about these matters with your future spouse might save you a few headaches should a divorce occur in the future.
Be open with your spouse regarding property, finances and marital asset management to avoid difficulties in case a divorce happens. Being on the same page from the get-go will help you avoid uncomfortable discussions that can lead to arguments in the future. Just discussing the topic with your spouse nurtures healthy communication, and even if you both decide it’s not for you, at least discussing it shows that you both are serious about the future.
Furthermore, some of the benefits are listed below:
- Mortgages, credit cards and loans are assigned to the appropriate spouse so that both share debt liability.
- They help reduce conflict during a divorce.
- They avoid extended court proceedings and save you money by foregoing expensive time with divorces attorneys to settle what becomes of financial responsibilities.
- They establish rules and procedures for any issues that may arise in the future.
- They help distinguish what is marital and individual property.
- They help avoid court involvement when deciding property distribution and estate planning.
- They document and detail any special arrangements between both spouses.
What Else Should I Know?
While prenups bring many benefits, there are some things you should know before diving headfirst into one:
- Talking about a prenup can be like swimming in murky waters. If the discussion isn’t in the appropriate manner, it could dull your relationship, especially when discussing financial distributions and the possibility of separation or divorce.
- You could wait until you know more about the new household you’re about to enter and plan out an agreement called a “postnuptial”. Be sure to consult with us since the legalities of postnuptials are quite different from prenups.
- Keep in mind that a prenup cannot include child support or other child custody issues. These decisions are left to the court to decide. The court will determine child support based on a variety of factors, such as “the best interest of the child”. Remember that a court will not uphold any agreements or provisions of a prenup when dealing with child support.
- Courts will also set aside provisions they find unfair, such as allowing a spouse any share of the other’s bank account, especially if the account holder contributed greatly during the marriage. The most likely provisions would be alimony agreements and waivers.
- A prenup does not include personal preferences, such as who does what and where. For example, where holidays will be spent and where the children will attend school. Prenups are only designed to address financial matters. Judges will immediately see a red flag when they see private domestic matters in a prenup and will more than likely see it as frivolous and decline it.
Think About Your Situation
Now that you have a basic understanding of what prenups are for, deciding if one is best for you and your future spouse shouldn’t be an issue. If you own real estate, a business, make more than six figures a year or have stock options, then we suggest a prenup. The attorneys at Barrera, Sanchez & Associates, P.C. can help you prepare one or answer any questions you have. Call us at 956.287.7555 today for more information.