Although planning a wedding is a time of excitement, it can also be a time of uncertainty for what the future holds. Many people believe that prenuptial agreements are only for the wealthy, but this isn't the case. In fact, these contracts are ideal for protecting individuals of all income levels. Here are a few reasons you should consider a prenuptial agreement no matter what your current income level is.
Dealing with the Financial Facts
Although some couples are comfortable discussing financial issues from the start, others take a more divided approach. If you and your significant other aren't very open about finances, you may have no idea how much debt he has or what kinds of financial issues she may be facing. Asking for a prenuptial agreement requires that you both take an open, detailed look at your finances, including both savings and spending habits.
During this process, it is beneficial for the two of you to sit down and discuss your joint household expenses and the financial expectations on any outstanding debts. If you are a spender and your significant other is a saver, you'll need to find middle ground. And, if you have accumulated a lot of debt from your spending, that debt should remain with you in the event of a divorce. The prenuptial agreement provides the framework to address these types of details.
Clarifying the Ownership of Property
One of the most important components of a prenuptial agreement is the detailed distribution of property. If you've inherited a property or something of value from a family member, you may want to ensure that you retain all of the rights to the property in the event of a divorce. The best way to do this is by including details in a prenuptial agreement that specify your ownership rights to the property and ensure that you retain that ownership even after a divorce.
Reducing Divorce Costs
If you create a detailed prenuptial agreement that addresses all of the concerns of your premarital assets and concerns, you can potentially reduce the amount of negotiation that has to happen in the event of a divorce. These finer details are often what make divorce proceedings longer and more complex, so the more you can get in writing now, the less you'll have to pay in attorney fees for negotiations later. In the interest of having a potential divorce settled faster and more affordably, you may want to consider a prenuptial agreement. If you'd like to speak with a family lawyer, consider contacting one from Abom & Kutulakis LLP.
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