Prenuptial agreements are legal and binding agreements between couples who are about to be married, which protect the belongings, assets and money of each individual. They illustrate what happens in the event of a divorce regarding those finances and assets. While many people do consider prenups, others may feel as though it is an admittance that the marriage will fail before it even begins. If you and your soon-to-be spouse are thinking about a prenuptial agreement, here are some pros and cons to consider:
Pros of Prenups:
• Prenups protect family inheritances of both partners in a marriage.
• They often eliminate battles regarding finances, money, assets, and property which can occur during a marriage or separation.
• They protect the children of a previous marriage in the event that something happens to the children’s mother or father. They will allow the children to receive the property, assets and financial benefits which belonged to the mother or father.
• Having a prenup can protect the finances, property, and assets which were accumulated prior to the marriage and rightfully belong to the partner who earned them.
Cons of Prenups:
• Prenuptial agreements are often viewed as proof that the couple does not trust one another, which can cause friction even before the marriage begins.
• In certain situations, prenuptials can be ignored if there is proof of duress at the time of signing, proof that all details of finances, assets, and property were not disclosed or certain other situations.
• There is a possibility that prenuptial agreements may cause resentment between spouses, creating problems within the partnership.
It’s important that the couple seek the assistance and guidance of an experienced family law attorney before signing a prenup. The attorney can ensure the fairness and legality of prenuptial agreements, protecting both spouses in the event of an accident or divorce. The couple should also openly discuss whether they wish to have a prenuptial agreement or not and all relevant information should be laid out on the table before proceeding in either direction.
If you’re considering a prenuptial agreement with your soon-to-be spouse but would like more information or assistance throughout this process, contact the Law Office of Joseph Cerino!