If you plan on getting married in the near future or maybe you are already engaged, then you need to think about what would happen if things went horribly wrong and you end up getting divorced from your partner later down the line. And, one of the things that you should put a lot of thought into is getting a prenuptial agreement. Deciding to get one of these agreements between you and your partner large depends on your personal situation. To determine whether a prenuptial agreement is right for you and your partner, you need to be aware of the advantages and disadvantages of having one before you get married.
What Are The Advantages of Having a Prenuptial Agreement?
The majority of people believe that a prenuptial agreement is something that only the wealthy have in place before they tie the knot. However, this isn’t entirely true. There are so many other reasons why partners benefit from having this type of agreement in place before they get married. Read on to find out why.
It can reduce divorce costs. Having a prenuptial agreement in place means a divorce will cost less. This is because it will make the court proceedings take less time.
Avoid conflict. By setting out an agreement before getting married means that things will go a lot smoother for either party. This is because there will be fewer things to argue about in the event of divorce.
You can outline any special arrangements. If you have any special agreements with your partner, then it is very important to include that in a prenuptial agreement. For example, in the event of divorce, you can make sure that both you and your partner are entitled to a property if more than one was bought during the marriage.
You can assign debt. If either party have existing debt before the marriage takes place, then having a prenuptial agreement in place is essential. A prenuptial agreement means that the person who built up the debt will be still responsible for it. Prior to signing the agreement, the different debts that you need to think about include mortgages, student loans and credit cards etc. Whatever the type of debt, make sure that this is included in a prenuptial agreement to avoid any surprises if you do end up getting divorced.
Document each person’s personal property. With a prenuptial agreement, you have the ability to outline the personal property that was obtained before marrying your partner. If you do end up getting divorced, then you can protect this property by keeping it completely separate when it comes to the divorce proceedings.
What Are The Disadvantages of Having a Prenuptial Agreement?
If you have read this post so far, you can see that there are many different advantages to having a prenuptial agreement in place before marrying your partner. However, there are also some negative drawbacks to having one in place, and it is something that you should discuss with your partner before opting in to sign an agreement.
It might not be the best time to talk about a prenuptial agreement. Although the advantages of this type of agreement outweigh the disadvantages, the timing might not be right. Getting engaged and the prospect of getting married can be an incredibly happy and exciting time and talking about the possibility of getting divorced may not be right. Additionally, you might not even think about this type of agreement as your life will be all about the one you love.
It could take away some the romance and your love life. Discussing a prenuptial agreement and agreeing to put one in place is probably the least romantic thing to do as part of planning a wedding.
It is essential to think about this as it could contribute to the possibility of getting divorced years down the line. However, we would always advise you to talk to your partner the prospect of this agreement
Prenuptial agreements have no influence over child support or child custody. Even if you try to outline child support or child custody requirements in a prenuptial agreement, a judge in court will have final say over these matters so there really isn’t any point including this the agreement. You will not have any influencer over the decision because the court will decide these things based on what is in the best interests of the children, their safe well being and their future.
Whatever, your personal situation is, we would always advise partners to discuss the prospect of signing a prenuptial agreement. It isn’t nice thinking about the possibility of divorcing at a time of joy and happiness, but it is important to acknowledge that not all things last forever.
Remember, there’s no harm in suggesting the idea.