If you’re recently engaged, divorce is likely not on your mind. You and your partner may be in the throes of bliss, excited to begin life together. Yet, marriages do not always work out as planned. In the case you two split, it’s worthwhile to consider drafting a prenuptial agreement – better known as a prenup.
Understanding how prenups work
Prenups outline the division between you and your spouse’s assets. While you two will likely commingle any you acquire during marriage, those you bring into it remain separate property. This document upholds your individual rights to this property in the event of divorce. When creating your prenup, you two must provide full disclosure of these assets. If one of you does not, your agreement might not be valid.
Benefits and drawbacks of prenups
You or your partner may be wary of creating a prenup, since many couples consider it tantamount to planning for divorce. While it may seem like a sound decision otherwise, drafting one can have its drawbacks. Prenups can create problems because:
- They may include terms that are contrary to your interests or that would not hold up as sound in a court of law
- They account for your present situation instead of future circumstances
- They can imply a lack of trust by applying a contract to your relationship
Yet, prenups remain crucial for many couples, no matter how trusting they are of each other. Your agreement will allow you and your partner to protect yourselves in case. So long as its terms are not lopsided, you may feel thankful you did so. This is because prenups:
- Can prevent you from taking on your spouse’s debt if you split
- Can safeguard the ownership rights of any enterprise you own
- Can set clear boundaries about what is and is not joint property
You might worry that drafting a prenup could doom your marriage. But it could facilitate open communication with your partner about important issues instead. By creating one, you can prepare and protect yourself no matter what route your relationship takes. An attorney with family law experience can help you though the process.