What Is Prenup Law? What Are Some Prenup Agreement Pros And Cons

By Author: nickjoseph
Total Articles: 30
Comment this article

A prenuptial agreement is a written contract between two people who are about to marry. It sets out the terms of possession of assets, management of future earnings, and control or division of each person’s property if the marriage should be later dissolved.

Prenuptial agreements are often used in the case of divorce. However, they are also helpful when one spouse dies. In addition, they can help resolve issues regarding property and the distribution of marital assets. Although prenuptial agreements are becoming more common, many couples may be hesitant to create one.

When deciding whether to use a prenuptial agreement, it is best to consider the pros and cons associated with them.

Pros

Here are some reasons why a prenuptial agreement should be a serious consideration.

Protect Your Assets in Case of Divorce
If you inherited money from a relative before this marriage, you might want to keep it separate from your jointly held assets. If you have a business or house you acquired previously that you want to leave to your children, you can protect it with ...
... a prenuptial agreement.

This contract clause exempts the property, money, or other items from new marital assets that would otherwise be divvied up in a subsequent divorce.

Because one in four marriages end up in divorce court, isn’t it prudent to protect yourself?

Make Sure Your Children Cared For
Many couples who were previously married prenuptial sign agreements. Perhaps being burnt before is enough: they know a split-up is possible, so they want to assure their families are not unduly affected if it happens again.

Depending on the state, your assets may become community property after the marriage. If you make a romantic mistake and marry someone who just can’t make the grade, you want to assure your children and heirs get your money, not a bitter ex-spouse.

A prenuptial is the best way to ensure any money or property acquired by you during a failed marriage doesn’t go to your former spouse. Instead, it remains protected so you can leave it to your children.

Reduces Cost of Divorce in Case it Happens
Divorce can be expensive in more ways than one. Since hiring a good divorce lawyer may be necessary, significant legal bills can result from a contested divorce.

With a prenuptial agreement, the division of assets is already negotiated and agreed upon. This reduces the divorce cost and the length of time, and the mental anguish inflicted by the process.

Requires Honest Disclosure of Finances
If you decide a prenuptial is needed, have an honest discussion with your betrothed about how the money will be handled during the marriage and what happens if things don’t work out. Then, you determine what assets are whose and the obligations you owe each other.

While these discussions can be difficult, it is much harder to address these issues after an irreparable breakdown. Generally, sharing financial decisions is an excellent way to start a marriage.

Cons
Here are two reasons why a prenuptial might cause more harm than it’s worth for you.

It Angers Your Betrothed
Prenuptial agreements aren’t very romantic. Some prospective partners get angry and hurt that you are even considering the possibility of divorce before you’re married.

If you’re young, haven’t been married, and don’t have a lot of money, property, or significant assets, a prenuptial agreement might not be worth the emotional turmoil.

Will Not Cover Child Custody Issues
Prenuptial agreements can’t make predictive decisions on child custody. In other words, you cannot agree the mother will get complete control of any children or that you will share custody.

A court determines child custody arrangements based on the best interests of the child or children. The circumstances surrounding a divorce or custody dispute can be very different than when the prenuptial was signed. The court is not hostage to an old agreement that no longer applies to your children.

Prenuptial agreements are intended to cover financial issues, not any children’s upbringing or wellbeing.

You also cannot create a prenuptial that invalidates the need for child support. Child support is determined by the court, not set by an earlier contract.

Also: Registered Domestic Partnership Rights
To qualify for registration, couples must meet the following essential criteria:

● Domestic partners are two adults who have chosen to share one another's lives in an intimate and committed relationship of mutual caring.
● A domestic partnership shall be established when both persons file a Declaration of Domestic Partnership with the Secretary of State under this division, and, at the time of filing, all of the following requirements are met:
● Neither person is married to someone else or is a member of another domestic partnership with someone else that has not been terminated, dissolved, or adjudged a nullity.
● The two persons are not related by blood to prevent them from being married to each other in this state.
● Both persons are at least 18 years of age, except as provided in Section 297.1.
● Finally, both persons are capable of consenting to the domestic partnership.

To know more about the registered domestic partnerships, click here.
Conclusion
When you weigh the prenuptial agreement pros and cons, factor in your details and circumstances, your net worth, assets, age, profession, or earning capacity, as well as the children’s ages, can determine whether you need a prenuptial agreement before you wed.

Get all the facts and consult an experienced lawyer before you sign anything. For more information on this and other family law matters, click here.
https://www.getlegal.com/legal-info-center/family-law-divorce/prenuptial-agreements/
https://www.getlegal.com/legal-info-center/family-law-divorce/marriage/