What Are the Benefits of Prenuptial Agreements?
51% of attorneys have noticed an increase in the number of prenuptial agreements sought by couples before getting married. In the past, the idea of a prenuptial agreement was seen as negative but there are several benefits you stand to gain from having one before marrying your partner.
If you’re uncertain about whether a prenuptial agreement is right for you here are some benefits you stand to gain when having one. Read on now to gain a deeper understanding of these prenuptial agreements.
Protection Against Partner Debts
When you hear the words prenuptial agreement it’s easy to assume it’s only for people looking to protect a significant amount of funds. However, the truth is prenuptial agreements can also be used to protect you from taking on debts that your partner might have attached to their name.
If you or your spouse have outstanding debts but don’t want them to assume the obligations of these debts in the event of your premature death this can be outlined in the agreement. It’s important to understand how debt works once you’re married.
Opens Up Lines of Communication
A prenuptial agreement is one of the best ways to improve the lines of communication between yourself and your partner as well as improve relationship transparency. When you discuss the agreement it promotes honesty about everything from finances to assets you both have.
Even if you all decide not to move forward with the agreement you’ve taken the time to discuss it and get on the same page moving forward with your marriage.
Saves Time
No one gets married with the intent to divorce in the future. However, if you and your partner do decide to divorce one factor that could cause the divorce to drag on is the division of all marital assets.
Having a prenuptial agreement won’t make the process of divorce any less stressful but it will make it easier to address specific hurdles which can reduce the amount of time you spend in court.
Protects Family Property & Heirlooms
Do you fear losing assets if you and your partner divorce? Another benefit of having an agreement is you’re able to protect property and heirlooms that have been in your family for generations.
In your agreement, you can specify the assets that belong to each partner and what should be done with them if you all divorce in the future. For example, if you have a family home you can specify that the home is to be given to your children if you pass.
Benefits of Prenuptial Agreements
There are several benefits of having prenuptial agreements you might not have known about before now. One benefit is the ability to protect assets that have been in your family for generations.
Another benefit is protecting your partner from debts that you have coming into the marriage. If you and your partner have determined a prenuptial agreement will work, it’s time to contact an attorney to help you draft the document.
Contact McGrath Law Firm and let our attorneys help you start your marriage off on the best foot possible.