Whether or not you create a prenuptial agreement before your wedding day depends on many factors, including the personal beliefs of both individuals.
Some people are better suited for a prenuptial agreement than others. For example, if you have gone through a previous divorce, thus losing some of your assets along the way, you realize the importance of taking this step. The same holds true if there is a big difference in income.
Entering into a prenuptial agreement is a personal decision that both individuals need to discuss in great detail. Remember this: It’s not good enough for one person to decide that he or she wants a prenuptial agreement. Instead, both people need to be on the same page in order to move forward.
Some of the primary benefits of a prenuptial agreement include:
— The ability to outline the separate property of each individual, ensuring that it’s not subject to division in the event of a future divorce.
— Make it clear as to which property is community and which property is marital.
— To assign debt to the appropriate spouse, such as that associated with credit cards or student loans.
— To ensure that any children from past relationships are protected, such as in an estate plan.
— The ability to reduce conflicts during the divorce process.
Even with a variety of benefits, many people neglect to consider a prenuptial agreement for one big reason: They are afraid to discuss this with their soon-to-be spouse. While this can be a difficult subject to address, it’s better to do so as soon as possible.
If you’re the person bringing a prenuptial agreement to light, be sure to explain the benefits to both parties. In other words, this type of agreement does not benefit one person over the other.
If you leave yourself enough time to discuss a prenuptial agreement and work through the finer details, it’s easier to avoid complications that could hold you back. Taking this one step further, don’t hesitate to consult with a family law attorney. This person can answer your questions, provide feedback on your ideas, and help you better understand the many laws associated with the creation of a prenuptial agreement.