5 Benefits of Having a Prenuptial Agreement

Getting married is a huge decision to make, and one that will have a dramatic impact on the rest of your life. This joy-filled occasion comes with a lot of excitement, planning, discussions, and decisions that need to be made in the months leading up to the wedding. For most couples, one additional step to take now in order to avoid many problems down the road is having a prenuptial agreement put in place. While people often think of a prenuptial agreement as a negative thing, it actually offers many important benefits for both parties.

Forces Communication

One of the biggest advantages of getting a prenuptial agreement is that it will force you to talk through a variety of different subjects that can otherwise be difficult. For example, you’ll have to go through the assets of each party to determine what will go where should a divorce occur. Additionally, this conversation can help ensure both parties are being open about both their assets and their debts so they can enter their marriage without any financial secrets.

Protects Important Assets of Both Parties

While most people think that a prenuptial agreement is only going to protect the party that enters a marriage with significant financial assets, that is not the case. Almost everyone enters a marriage with certain assets that they want to protect. Sometimes these assets are financial, but they can also be personal heirlooms. By identifying who gets these types of important items, you can avoid any heartache compounding the challenge of a divorce down the road.

Saves Time & Money Should a Divorce Occur

Just about everyone enters their marriage with the intent to remain happily married for the rest of their lives. The reality is, however, that around 50% of marriages end in divorce. Hopefully, this won’t be the case for you, but if it is, both parties will be able to save a lot of time and money if they have a prenuptial agreement in place. If you are one of the many marriages that is successful for life, a prenuptial agreement will have no negative impact whatsoever so there is really no significant downside to getting one.

Lays Out Clear Expectations

During the prenup discussions, you will be able to lay out clear expectations. This part of the prenup can really benefit both parties, especially if one is significantly better off financially. For example, if the wife is entering the marriage with a lot of money and the husband doesn’t have as much, they can lay out clear expectations for what will happen should they divorce. You can state that if the marriage lasts over 10 years, the husband in this case will get a set amount of money in the divorce. It is also possible to say that the husband won’t get money in the divorce unless there is infidelity on the part of the wife, in which case the husband will get a significant payout. Prenuptial agreements are surprisingly flexible and can be tailored to meet the specific needs of your situation.

It is Surprisingly Easy

Compared to most other legal documents, prenuptial agreements are surprisingly simple. They can often be completed with just one or two visits to an attorney as long as you have the documents and other information you need. Contact the Law Office of Ray Garcia to set up a consultation and get your prenup started right away.