Creating a prenuptial agreement can save both parties tremendous time, money and stress in the event of a divorce. While it might be uncomfortable to contemplate initially, having the honest capacity to discuss how to distribute property in the event of a split is a conversation worth having. Sometimes both parties find that the peace of mind that comes from having a prenuptial agreement actually improves the marriage. Removing doubts about “what would happen if” can create a healthier union.
In the past, prenuptial agreements were often more popular in second marriages and in Hollywood. However, they have become more common among the general populace in recent years. Many couples today are marrying later in life and coming into the marriage already having children or property. A pre-nup enables individuals to protect their assets. Many people decide not to broach the topic out of fear of hurting their partners. It is important to understand however that seeking a prenuptial agreement does not signify that one partner considers the marriage doomed or even in trouble.
It’s not a matter of trust
Many people become upset at the mere suggestion of this topic. They believe that the success of their future marriages are being cast in doubt by their partners. More often than not, though, for the individuals seeking a prenup, it is just a simple matter of “covering the bases.” Think of it in terms of purchasing catastrophic insurance when you are in perfect health and enjoy an extremely active lifestyle and have no intention of ever needing the coverage. But just in case…
One way to help smooth the process is to remember that wedding planning is filled with lots of deadlines, decisions and details that heighten emotions and stress. For best results, begin prenuptial agreement discussions well in advance to enable both partners enough time to honor their considerations and have an open discussion that is not under the time crunch of the wedding day.
Distributing property after a marriage ends is one of the main reasons divorces become convoluted and even bitter. This source of conflict can be greatly minimized if the proper legal steps are taken in advance. Each spouse’s separate property can be documented to ensure they retain it in case of the dissolution of marriage. A prenuptial agreement also helps to avoid a judge being involved to determine property distribution. Avoiding court will save a great deal of time, energy and money.
In the emotional turmoil of a divorce parties are often emotionally overwhelmed and they respond in unfortunate ways. For example, they may not be true to their initial word about what belongs to whom when it comes time to actually part with it. It is an unfortunate reality that people often show their less than savory sides during these highly emotional divisions. Having a prenuptial agreement in place can drastically reduce your divorce time and simplify the entire proceeding.
To prevent both spouses from sharing debt liability, a prenuptial agreement can be useful for assigning debt in terms of mortgages, school loans and credit cards to the correct spouse. This can help couples take responsibility for their own actions and not saddle the other partner or negatively affect the other’s credit rating. A prenup can also protect pre-existing business ventures from being derailed by a divorce.
Preserving assets for the children
Individuals with children, particularly those from a prior relationship, often wish to protect their assets to ensure that their offspring are financially protected in the future. This is a simple matter of putting your children’s needs first and honoring your responsibility as a parent.
Protect yourself, your children, your pre-existing assets and your future by having an open discussion with your spouse-to-be about how a prenuptial agreement can offer peace of mind and actually strengthen the relationship. Meek Law Firm has experience in this area of the law that will make the process go as smoothly as possible. Contact attorney Jonathan Meek to discuss your needs. Call (704) 848-6335 or use the contact form on the right of this page to schedule a consultation appointment. We look forward to hearing from you.