Although it can be difficult or awkward to talk about having a prenuptial agreement with your future spouse, you must keep in mind that getting married is entering into a financial and social contract. Due to the possibility of divorce, it is in your best interest to create this agreement before you get married. A family lawyer in Ridgeland can help you devise it and explain to you how it can benefit you and your future spouse.
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Benefits of a Prenuptial Agreement
A prenuptial agreement can determine a division of a couple’s assets and debts before marriage when they decide to separate in the future. No matter the status of a couple, they can benefit from this agreement for various reasons such as the following:
- Open communication. As a couple discusses the creation of a prenup, they can establish healthy communication on complicated matters that the agreement can address including debt management, children, and finances.
- Family heirloom protection. A prenup protects treasured items like family heirlooms and other individual property with sentimental value.
- Cost-effectiveness. Asset division is an area that usually fuels lengthy divorce battles and costly attorney’s fees. A prenup addresses major components to finalize a divorce, speeding up the process.
- Marital property definition. A prenuptial agreement lets couples decide on what qualifies as separate or marital property.
What to Know Before You Sign the Agreement
The location in which your marriage happens influences the laws that must be followed on the prenup. The agreement needs to be fair and all parties should fully disclose their assets. These may include business ownership, bank accounts, properties, and investments that either partner owns. Also, every party who will sign must have a lawyer. Fairness in the case of a prenup depends on the circumstances of the people involved.
How a Prenup Should be Discussed
You and your future spouse should discuss a prenup ahead of your wedding. Indeed, in some states, a prenuptial agreement signed a week before the marriage can be overturned. But keep in mind that you are a couple and that you need separate legal representatives to ensure your best interest is protected. Although you don’t plan to get a divorce, knowing the specifics of a prenuptial agreement helps protect your assets. Thus, you must talk with your future spouse about this. So, if you and your future spouse are planning to get married, you may want to start working on a prenup to protect what you own in the case of a divorce. A family lawyer can help you start the process.