When a Tennessee couple starts planning their wedding, they are not thinking about what will happen if the marriage ends at some point in the future. Discussing divorce before the wedding may seem unromantic and unnecessary, but it is actually quite smart to think about potential contingencies down the road. One way you can do this is to draft a prenuptial agreement.
Many people think that these types of agreements are only for those who are rich and famous. While it is true that the very wealthy prefer to have this type of legal protection before they marry, it can be a smart step for couples of all income levels. If you are about to walk down the aisle, you may want to first think about drafting a prenuptial agreement.
What can you include?
In its most basic form, a prenuptial agreement divides marital property between two spouses in case of a divorce. This eliminates the need for stressful and costly disputes over assets in case the marriage ends. However, these agreements can also do much more than that, and it may be worthwhile to consider their many benefits. Some things you can accomplish with your prenuptial agreement can include the following:
- If it is your second or subsequent marriage, you can protect the financial interests of your children and grandchildren.
- You can outline the financial responsibilities of both spouses.
- It can protect the financial interests of the lesser-earning spouse.
- You can specify what assets each spouse is bringing into the marriage that are separate property.
- It can protect one spouse from leaving the marriage with an unfairly heavy debt burden.
There are a few drawbacks to drafting a prenup you may want to consider. What may seem reasonable and fair now may not work in the future. It is also hard to know what your future needs may be when drafting this type of legal agreement.
The right kind of guidance
It is always worthwhile to protect your interests and long-term financial well-being. If you think a prenuptial agreement may be a smart and practical step before your wedding, you may find it beneficial to reach out for experienced guidance.
By working with a family law attorney as you draft your prenuptial agreement, you will be more likely to avoid problems and issues in the event of a dispute. You may never need it, but having this type of protection can give you security and peace of mind for the future.