A prenuptial agreement (prenup) is a contract a couple signs before they get married. An increasing number of couples are signing prenups before they marry, and these contracts are even more popular when couples remarry for the second time. However, they do come with a long history. People have been signing contracts before marriages for years. So, where does the problem come in?
Let’s start with the cons. For years, people have regarded prenups with a modicum of suspicion. If you plan on staying together for the rest of your lives, why do you need a document that will protect your assets during a divorce? People have the strange idea prenups imply mistrust. In some cases, they might, but for people who want to be prepared for the future, prenups are a natural step before making a lifetime commitment. The largest con to prenups, therefore, is stigma. If you ask for a prenup, your future spouse may take it as a lack of trust or an unromantic gesture.
Other cons include a prenup requiring you to give up your right to inherit from your spouse’s estate if he or she dies, and not being entitled to claim a share of a business if you divorce (even if you contributed to its success and growth). Likewise, if you and your partner eventually divorce, the low- or non-wage earner may not be able to sustain the lifestyle to which he or she will become accustomed during the marriage.
However, there are many pros to a prenup as well. Part of the reason prenups have become more popular is they help a couple address more of the financial aspects of marriage before the wedding takes place. Discussing finances before signing any contracts can help couples negotiate financial problems before they become an issue in the future. Likewise, the document is meant to protect both individuals in the event they get divorced.
It’s impossible to predict how the future will proceed. However, you can protect the inheritance rights of your children and grandchildren with a prenup. You can also protect the business that you created before you even met your spouse. If one spouse has more debt than the other, a prenup can also protect the debt-free spouse from having to assume the financial obligations of the other. For those with larger incomes and financial assets, a prenup can also protect his or her financial interests.
If you want to discuss the potential pros and cons of a prenuptial agreement further with a skilled lawyer, call us today. Our Katy family law attorneys have more than 35 years of legal experience to offer you. The Adams Law Firm is fully prepared to provide you with excellent personalized service.
Contact us at (281) 764-6087 or fill out our online form to schedule a case consultation today.