Many couples dislike the idea of prenuptial agreements – or ‘prenups’ – because they require the couple to put romantic feelings aside plan for an unpleasant event that nobody is hoping will actually happen.
Some worry that even talking about a prenup could undermine the imminent wedding. However, in some cases, they are a very good idea that could even help to get married life off to the right start.
So, it’s worth thinking of prenups as a process: a process that will give you and your partner the opportunity to honestly discuss about what you are willing to share and how you will deal with your finances during and after your marriage.
Here at DMA Law we understand that this is a very personal decision. Therefore, we will try to help you decide whether a prenuptial agreement is right for you or not.
What are the benefits of a prenuptial agreement?
Finances in a marriage can still be problematic but a prenuptial agreement can be the solution to that.
An agreement will help differentiate between what is marital property and what is community property. The agreement will also document each spouse’s separate property and protect it as a separate property.
Some other benefits of a prenuptial agreement include, assigning debt to the appropriate spouse, establishing rules for future issues and documenting any special arrangements between you and your partner.
What are the negatives?
Although nuptial agreements carry many benefits, many people fear that discussing these matters will negatively affect their relationship.
The truth is a prenuptial agreement is often not made at the best timing. Even if both partners are fully on board for this agreement, it can be a hard conversation and a strange experience.
A prenuptial agreement could be completely unnecessary. Before you make your decision, make sure to ask your lawyer for advice. For example, in some cases such us protecting your assets a will can be a better choice.
Ask yourself these questions:
- Do you own a business?
- Do you own real estate?
- Do you have outstanding debt?
- Do you want to make sure your children will inherit certain assets?
- Do you have property that would be hard to split 50/50?
If you have answered yes to most of these questions, then a prenuptial agreement is almost certainly in your best interest.
Nowadays, one of the main reasons couples divorce are finances. Talking to your partner ahead of time regarding finances can avoid a lot of disagreements. You both can get on the same page in the beginning so that the issue does not pop up and cause an argument in the future.
Prevention is so much better than fixing things afterwards, so even if you and your partner decide a prenup is not for you, we advise you to still discuss it and talk to your lawyer for more information.
Here at DMA Law we can offer assistance in all areas of family law, including pre-nuptial and separation agreements. Our lawyers recognise that you and your partner will need support through the process, as well as expert legal advice.