Why It Makes Sense For You To Execute A Prenup Before Tying The Knot
When two people decide to get married, it is with the intention of making their union last forever. However, tragically, many marriages end in divorce. According to Statista, the divorce rate in America was 2.3 per 1000 of the population in 2020. With divorce being increasingly common, a real worry on the minds of couples getting married is how to deal with the stress and other issues associated with divorce. However, executing a prenuptial agreement in advance of the marriage is an effective way of specifying what happens to the assets of each of the individuals and how the finances will be handled in case of a divorce. Some of the best-known benefits of a prenuptial agreement include:
Prompts an Honest Conversation before the Marriage
Discussing a prenuptial agreement is an effective way of initiating a frank discussion about the assets, liabilities, and finances of the couple entering into the marriage. It may seem embarrassing or even overwhelming to discuss the division of assets in case of divorce. However, discussing the various issues can help the couple know better about each other’s expectations even before they enter wedlock. Even if the couple does not get to execute a formal agreement, the discussion itself encourages open communication and a profound sense of trust that can help them strengthen their relationship. However, the most significant benefit of a well-drafted prenup is that it helps couples resolve common issues when they proceed with a divorce.
Ensures Fair Sharing of Assets
If you have more accumulated wealth than your partner does, you will lose out more in case of a division of assets following a divorce. If you believe it will be unfair, executing a prenuptial agreement can help you protect your wealth. It is helpful if the divorce happens when you are close to retirement to have retired because you will not get the opportunity to earn money to replace what you could lose following a divorce. By executing a prenup agreement, you have the assurance that in case, the marriage falls apart, you can distribute your assets more fairly.
Describes Marital Property
When a divorce occurs, the marital property would often be divided between the spouses depending on the existing law of the country or state. You may face a bitter marital property dispute while determining exactly what comprises marital property. This kind of property dispute may continue for several months or years. This sort of complication during the divorce procedure may be avoided by stating clearly, what comprises marital property. Get in touch with Mesa, AZ, and seek expert legal assistance to resolve any disputes. Follow the map given below:
A prenup agreement often clearly defines the way the marital property will be divided between the spouses. Often couples agree to go ahead with equal sharing, while others wish to divide the marital property unequally. The best thing about a prenuptial agreement is that couples agree on how the property will be shared between the spouses if and when they split ways.
Marriages are made in heaven, but divorces are also a reality. Divorces can be financially demanding and emotionally draining. You can ensure no property disputes by chalking out a precise prenup agreement and signing it even before the wedding takes place.