You’re getting married, and things couldn’t be better between you and your significant other. That is until they approach you about signing a pre-marital agreement. Also known as a prenuptial agreement or “prenup,” this agreement serves as a contract between you and your soon-to-be spouse that sets rules on things like property, assets, and certain marital obligations. Although this can often be a tricky conversation for parties looking at the possibility of marriage, there are many positives about negotiating a pre-marital agreement.
Pre-marital agreements help avoid potential disputes.
Perhaps the biggest benefit of a pre-marital agreement is that by creating one and signing it, potential disputes can be resolved and potentially avoided entirely — especially if the relationship were to ever end in divorce.
Additional benefits to a pre-marital agreement include:
- Clearly defining “what is yours and what is mine” when it comes to property distribution
- Potentially protecting each spouse from the other’s debt, including defining which debts existed before the marriage
- Making any future legal processes (ex: divorce) smoother
- Predetermining certain rights and duties of the potential spouses
- Specifying what happens in the case of death or incapacity
- Improving communication between you and your spouse
- Overall peace of mind
It’s important to talk to your soon-to-be spouse and carefully consider all factors and address any concerns before marrying, and a pre-marital agreement is a good place to start those conversations.
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