Some couples preparing for their vows choose to add a prenuptial agreement, also known as a prenup, to their marriage.
These agreements are a legally binding contract between spouses to determine how assets, property, and debts will be divided if the couple were to divorce. Contrary to popular belief, prenups are not only for the wealthy or for people with plenty of assets. More couples are choosing to add a prenuptial agreement to their marriage than ever before.
Below you will find the pros and cons of these agreements.
The Advantages of Prenuptial Agreements
Protect Personal Property — When it comes to divorce, one of the more contentious moments is when assets and debts are divided. Categorizing a divorcing couple’s belongings into personal property and marital property can be overwhelming and frustrating. However, this agreement can help you avoid this headache by outlining who claims which property, such as family heirlooms and other valuable assets, beforehand.
Protection Against Debt — Similarly to how personal assets and property can become marital assets, debt can also become shared in a marriage. If your soon-to-be spouse has an extensive amount of debt, this agreement will allow you to define in detail how it will be handled in the event of a divorce.
Save Your Time and Money — It is no secret that divorce can get drawn out, therefore, become expensive. Avoid this stressful hassle with an agreement that addresses everyday legal matters in a divorce. In a divorce, having a prenup with these outlined can give you a quick resolution, avoiding a lengthy and exhausting court battle.
The Disadvantages of Prenuptial Agreements
Like most things, with advantages come disadvantages. Here are some of the drawbacks of prenuptial agreements:
A Loss of Romance — Amidst a whirlwind of romance and the excitement of a new engagement, the last thing you want to think about is the possibility of divorce. There is nothing romantic about prenuptial agreements. But it is important to remember that relationships and marriage are more than just romance. These unions include serious topics such as finances and property. If you are considering this agreement, make sure to carefully, respectfully, and delicately handle the situation with plenty of time before the wedding for your betrothed has enough time to consider its terms properly.
A Lack of Balance — Love can sometimes cloud your judgment and you may agree to terms that are either not in their best interest or are unbalanced. Avoid these issues by ensuring the agreement favors both parties and is “fair” by individually hiring legal representation.
Contact The Ault Firm
When you are faced with divorce, everything you have worked for could all be at stake. Properly protect yourself with a prenuptial agreement. Whether you have an existing agreement or need a new one written, The Ault Firm’s legal professionals can help. Our skilled team of attorneys are highly trained and are committed to success. If you are in the Salt Lake City area and require a prenuptial agreement, contact The Ault Firm to schedule a consultation today.