There seems to be a lot of stigma surrounding prenuptial agreements, or “prenups.” Of course, mentioning the topic of divorce prior to marriage can seem counterintuitive and people can be defensive about mingling wedding prep with what can be seen as divorce prep. Prenuptial agreements, however, need not be so divisive. They can, after all, provide many benefits for both soon-to-be spouses. The discussion of important topics that can impact a marriage, such as finances, involved in establishing a prenup, for instance, can help establish a solid foundation for the marriage itself as well as aid in the management of expectations for the relationship ahead. Let’s take a look here at some of the other advantages of prenuptial agreements.
Advantages of Prenuptial Agreements
Try, for a moment, to think of a prenuptial agreement as you would purchasing insurance. After all, you do not purchase auto insurance for the fear that doing so will increase the likelihood of getting into a car accident. It is, after all, the responsible (and often legally required) thing to do. Preparing for life’s challenges and worst-case scenarios does not signal the summoning of misfortunes. It is putting the framework in place to help overcome the obstacles associated with some of the challenges you may face ahead. This is what a prenup does.
Prenuptial agreements can protect you financially. This can be accomplished at multiple levels. While most focus on a prenuptial agreement’s ability to define how marital assets will be divided in the event of divorce, addressing the division of debt can be equally important, if not more so. The division of debt after divorce can have a profound impact on the future financial health of both spouses. A prenup can address how everything from mortgage debt to credit card debt will be handled in a divorce. A percentage of the bill-paying responsibilities can be assigned to each spouse in the agreement without the need for a drawn-out courtroom battle between the spouses should divorce proceedings arise in the future.
Speaking of prolonged court battles that arise in divorces, a prenuptial agreement can help forgo the time and expense, not to mention the emotional drain, of having to go through such turmoil. By setting forth the terms of a divorce, a prenuptial agreement eliminates the need for going back and forth with your soon-to-be former spouse. Having an agreement addressing key issues incident to divorce already in place can save everyone a great deal of time, money, and stress.
Beyond your own interests, a prenup can also protect that of your children, particularly if you have children from a previous marriage. In specifically addressing what should go to your children in your prenuptial agreement, you can protect your children’s financial future. Furthermore, you can help ensure that family heirlooms and inherited wealth remain in the family by specifying such in the prenuptial agreement.
Florida Family Law Attorneys
Prenuptial agreements can help a great deal in streamlining divorce proceedings. If you have a prenuptial agreement in place or have more questions as to how such an agreement will play out in the event of divorce, talk to the knowledgeable team at Bernal-Mora & Nickolaou. Contact us today.