When entering into a marriage, the plans are always for it to last forever. Unfortunately, that may not always be the outcome.
Today, around half of all marriages tragically end in divorce. While this conclusion may never be your intention, with such high odds, protecting yourself and your assets before marriage is not a bad idea.
Prenuptial agreements are the perfect way to do this. While they may get a bad rap—and they are certainly not for everyone—they do carry many benefits. To help you decide if a prenuptial agreement is right for your situation, consider the following five benefits:
- It can protect the financial and inheritance rights of any children or grandchildren from a previous marriage. If children are present from previous marriages, putting in place a legal document, such a prenuptial agreement, will protect their financial assets and inheritance rights from being divided or affected due to the new union.
- It can protect your business so that in an event of a divorce it is not divided or subject to joint control. If you have worked hard at creating a successful business, you’ll want to be sure to protect it. Prenuptial agreements can help guarantee your business goes untouched if your marriage were to end in divorce.
- If you are debt-free or have substantially less debt that your intended spouse, it can protect you from inheriting a portion of your spouse’s debt. You’re likely to have an established financial background before getting married. If your intended spouse has substantial debt or a weak financial background, your prenuptial agreement will help to maintain your financial stability if a divorce were to happen. It will shield you from assuming any responsibility of your spouse’s financial troubles.
- It can protect the financial interests of elderly people, people entering a second for subsequent marriage, and/or people with substantial wealth. Similar to helping with debt responsibilities, a prenuptial agreement will help to maintain your wealth status after a divorce. It will prohibit the unfair allocation of wealth to your spouse in the event of a divorce. If you are elderly or previously married, it will ensure that the stability of your estate is not disturbed.
- It can help reduce conflict. Because the prenuptial agreement is a legal contract, the courts must enforce it. By signing your agreement, you are essentially eliminating the possibility of spousal arguments because you have previously outlined your joint decision-making process in your prenuptial agreement.
If you’d like more information on prenuptial agreements or are ready to create one for you and your spouse-to-be, Tracy Lyson is an experienced family law attorney who can help. Call 701-235-8000 or 877-235-8002 today!