Marriage is more than a romantic relationship. It’s a sort of partnership between two people, almost like a business relationship.
The fact that so much goes into marriage, as well as the increasing rate of divorce in the United States, has made the use of prenuptial agreements sky rocket. Called prenups for short, these agreements help protect the financial interests of each spouse upon entering the marriage.
Below we break down the pros and cons of prenups so you can decide whether seeking one is right for you.
Pros of Prenups
One of the biggest benefits of a prenuptial agreement is that it protects inheritance rights. This is especially true if the spouse has been married before. Creating a prenup does wonders to include the children and grandchildren in the inheritance.
A prenup is also a great idea for those with their own business. It helps protect your business upon divorce. A prenup can guarantee that the business isn’t divided up upon divorce. You retain sole control over it.
Debt is another reason to seek a prenuptial agreement. Entering a new marriage with a lot of debt is a tricky thing. Oftentimes, the debt-free spouse wants to ensure they won’t have to shoulder any of the other spouse’s debt burden during the marriage or in the event of a divorce.
The final benefit of a prenup is that they’re so flexible. An experienced family law lawyer, like the experts at Chinn & Associates, can help you draft yours so that it covers almost any financial aspect. For example, one of the most common inclusions is a limit on the amount of spousal support that must be paid if a divorce takes place.
Cons of Prenups
Prenups don’t come without their cons. It’s important to consider these before seeking legal help to create a prenuptial agreement.
Perhaps the most common con of a prenup is the lack of trust it creates upon entering a relationship. When one or both spouses create a legal agreement to protect themselves in a divorce, it’s almost like they’re planning on that divorce to happen.
A prenuptial agreement can also limit your legally entitled inheritance. If your spouse dies, you’re normally entitled to a portion of their estate. Unfortunately, spouses are often excluded from this inheritance in a prenuptial agreement.
It’s never a bad idea to consider a prenup at the start of a marriage. Yet they’re certainly not the best idea for everyone. Consult an experienced family law lawyer to go over the pros and cons in more detail to see if a prenuptial agreement is right for you.