Prenuptial Agreements: The Good and The Bad

Prenuptial agreements, or “prenups” for short, are basically legally drawn up contracts and/or agreements that help protect an individual’s assets during messy, divorce proceedings. These agreements are drawn up before marriage, highly preferred by the wealthy, to safeguard their rights to property as well as other assets.  A prenuptial agreement saves you the exhaustion and hassle of resisting long, drawn out divorce proceedings where all claws are bared.

 

Given the divorce rate, it might be a smart move on your part to sign a prenup, winning the upper hand. But the question, however, is whether prenuptial agreements are actually useful and effective for a marriage and divorce or not.

 

The Good:

 

First things first, prenups assure that you do not lose any right to your estates and financial resources in the event of a divorce, but in doing so, a premarital agreement also consigns your children their right of inheritance in the event of your death or at any other stage, if state so. In the event of a divorce, your divorce lawyer will not have to take great pains to guarantee your spouse’s zero involvement in your self-owned business. Also, it helps decide on exactly what you want when it comes to spousal support. In addition to this, a prenuptial agreement certifies that you do not owe any percentage as a shared obligation to the other party’s debts.

 

Another useful aspect of these legal agreements is that they cover more than just the financial grounds. You can have your family law firm add in anything you want as long as your spouse-to-be agrees to it prior to signing the document. In this way prenuptial agreements protect your wealth interests and resources from being divided or separated in the scenario of a divorce. Last but not the least, prenups make sure that a party is heavily yet rightfully so compensated for any renunciation or offering made by them before marriage once divorce is filed for.

 

The Bad:

 

The most prominent disadvantage of signing a prenup is the agreement to relinquish any or all rights to inheriting from the spouse upon their death. Not only this, but if a prenup voices absent or minimal spousal support, there will be no ruling in your favor regarding the matter at hand. It is also very likely to occur that a mutual agreement before marriage is not reached by a party’s complete understanding of the impacts and consequences, given the fragility of the relationship.

 

Most importantly, it is widely believed that because of signing a prenuptial agreement, the whole relationship is a sinking ship, not built on abstract but esteemed values of trust, respect and understanding. This often results in a barrier of mistrust and doubt between the couple living a very fragile, compromised marriage from the very beginning. Many divorce lawyers believe such a marriage, where prenups are very critical, is doomed from the start.

 

The Conclusion:

 

Prenuptial agreements should, therefore, only be drawn up and signed after deep contemplation and much rumination. Both parties should be well aware of the consequences as well as the benefits. Contact your town agency service to help you make the right decisions and live a healthy, happy married life. After all, a prenup could either be boom or bane for you two.

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