Talking about prenups and postnuptial agreements certainly isn’t the most romantic conversation, but it can be necessary and extremely beneficial. Not all couples consider establishing a marital agreement or want to think about a future involving divorce, but perhaps they should. The typical idea is that prenuptial or postnuptial agreements are established for the wealthy, and while there is a lot to be said about high-asset prenups, they can benefit couples of varying financial backgrounds. If you are interested in establishing clear financial goals, communicating marital expectations, and protecting your assets, a prenuptial or postnuptial agreement might be a good choice for you.
Before you make any decisions, make sure you understand precisely what prenuptial agreements do and decide whether or not they’re the right choice for you.
About Marital Agreements
Prenuptial and postnuptial agreements, also called marital agreements, are legally-binding documents that aim to protect the interests of each respective spouse. Most people associate prenuptial and postnuptial agreements with divorce, but, while they can be beneficial if your marriage should end, these agreements can do much more. Prenups and postnups can also help you to establish clear marital goals and expectations, designate financial responsibilities, property obligations, and they can even protect your children. The key difference between these two agreements is when they are established. A prenuptial agreement is created before the marriage takes place, whereas a postnuptial agreement is created during the marriage.
Who Benefits from Prenuptial & Postnuptial Agreements?
Anyone with an interest in preserving their wishes and needs during and after their marriage could benefit from a prenuptial or postnuptial agreement. Individuals with high assets are usually more prone to choose these agreements, simply because they have more to lose. Also, individuals who have already gone through a divorce or multiple divorces might choose to us a prenuptial or postnuptial agreement to protect their own interests, should their current marriage end in divorce as well. Parents can also benefit, especially if they enter the marriage with kids from another union. If you have an inheritance or own heirlooms of particular financial or emotional value, it might also be a good idea for you to establish a prenuptial or postnuptial agreement in order to ensure that those possessions remain your property, not your spouses.
Business owners can also benefit from creating a prenuptial or postnuptial agreement. If you own your own company, it could potentially be up for negotiation in property division if you go through a divorce. This can be a terrifying idea to any business owner, so ensuring that your business stays under your control during your marriage, and in case of a divorce, can help protect your interests.
If you are interested in a prenuptial or postnuptial agreement, make sure you discuss your situation with an experienced family lawyer. Everyone’s financial and legal situation is unique, and a skilled attorney can work with you to determine what legal options are best for your given circumstances.
Contact Ford & Friedman today to discuss your case with our Henderson family attorney.