Before a couple gets married, they are likely busy making many plans for celebrating their marriage and establishing their life together. However, there are other important decisions that couples may want to consider making before they tie the knot.
Prenuptial agreements are something that many may associate with celebrities or the 'rich and famous.' However, the average person can benefit from creating a prenuptial agreement just as much as a celebrity can. While the A-lister may have more assets on the line if a divorce occurs, a prenuptial agreement functions the same way whether a person owns multi-million dollar homes or a valued collection of family heirlooms.
In order to decide whether signing a prenuptial agreement is a good choice, considering the benefits and drawbacks of having a prenuptial agreement in place may be helpful. While prenuptial agreements are not able to influence child custody or child support decisions later on, they can have significant impacts on how a couple's assets are divided.
Property division can be very trying, both mentally and emotionally. Trying to recall which items each spouse brought into the marriage and which items were purchased together can be difficult, especially if a couple has been married for many years.
By creating a prenuptial agreement, couples will know which items or assets were acquired before the marriage began and which spouse will receive them during property division.
Agreeing on how property will be divided when both spouses are still satisfied with each other and the relationship may be less stressful than if property division decisions are all made during a divorce, when many spouses do not feel so positively about each other.
Meeting with a family law attorney to create a prenuptial agreement before getting married could save couples time, money, and stress later on.
Source: Fox Business, "Why you should consider a prenup," Andrea Murad, Feb. 4, 2013