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Why should I consider signing a prenuptial agreement?

On Behalf of | Mar 1, 2023 | Divorce

A divorce is often stressful enough as it is, but it can become even more so when it’s time to divide marital assets and obligations. Hence, it is not surprising that an increasing number of young couples are creating or looking to sign a prenuptial agreement before tying the knot.

What are prenuptial agreements?

A nuptial agreement is a contract that outlines your own and your partner’s rights and obligations after the dissolution of your marriage. Such agreements usually fall under two types.

  • Prenuptial agreements. These are more common and are contracts that couples sign before marriage.
  • Postnuptial agreements. This form is growing in popularity and is an agreement that couples sign during the marriage.

Valid marital agreements must meet certain requirements. Although the particulars vary depending on the state, most require the document be in writing and signed by both parties.

Why are marital agreements important?

Signing a prenuptial agreement can benefit you and your partner in several ways, such as:

  1. Protecting your assets. A prenuptial agreement can help establish which assets the parties agree are separate and not divisible during divorce.
  2. Expediting the process. Discussions about money can lead to more bitterness between divorcing couples and may extend the separation process unnecessarily. Marital agreements can help set clear guidelines for the division of your assets and can hasten your divorce and prevent it from being any more stressful for all parties.
  3. Ensuring financial support. If you are a stay-at-home parent, a divorce could mean losing your means to support yourself or your kids financially. A nuptial agreement can provide some guidance for continued support.
  4. Maintaining accountability for debt. These agreements can also specify who is accountable for which debt you incurred as a married couple.

Marriage involves more than just romance; it also has severe implications on your financial well-being. Therefore, you must take steps to shield yourself if your marriage does not end happily ever after.