Prenups Are a Valuable Tool for Many Couples

October 04, 2012

Prenups Are a Valuable Tool for Many Couples

Planning ahead for a divorce may seem cynical or unromantic. Before marriage and throughout the years of a marriage, a couple wants to be optimistic about their future together. While a prenuptial agreement -- commonly called a prenup -- could avert many problems should the couple eventually divorce, few couples give much thought to this option. However, when a marriage sours and divorce is on the horizon, the financial issues that arise can have serious consequences, and many may wish they had learned more and planned better long before.

The Benefits of Creating a Prenuptial Agreement

Creating a prenuptial agreement not only can help couples clarify their financial situations should they divorce, it also can help them sort through important financial matters before they get married, merging their lives and their finances. Seeing as financial issues are at the root of many divorces, clarifying expectations and responsibilities from the outset can help a couple enjoy a happy marriage.

Prospective spouses can think rationally about practical financial matters when creating a prenup. In addition, deciding to work together on a prenup can be a valuable exercise in learning to cooperate and accomplish goals.

The Basics of Prenuptial Agreements

A prenup is a binding legal contract that declares ownership of assets, use of income and potential division of property should the couple divorce. It requires both individuals to disclose all their financial facts honestly, both their assets and their liabilities, in order to create a fair agreement. Certain legal rules govern how and when an agreement must be written.

People who have been married previously or have children from a prior relationship often can benefit from creating a prenuptial agreement. Prenups are also beneficial if either spouse has a significantly higher income, a family trust, a business or considerable wealth.

Finding an experienced family law attorney to help create a prenup is an important part of the process. If you are thinking about getting married or have questions about prenuptial agreements, contact a knowledgeable family law lawyer in your area.

Article provided by Thompson Law Firm
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