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Why should you consider the benefits of a prenuptial agreement?

On Behalf of | Oct 19, 2019 | Uncategorized

When a Tennessee couple is engaged, they are probably not thinking about what will happen if their marriage ends in divorce someday. While this may seem like an entirely unromantic and unnecessary thought for you in this moment, it is actually beneficial to consider your future and how you can protect yourself. One way you can do this is by drafting a prenuptial agreement.

A prenup is not something that is important only for the rich and famous. It is actually a smart step for people of all income levels and ages. This type of agreement will make things easier on you in the event that a divorce does happen, and it can provide you with security and peace of mind. Before you walk down the aisle, you may want to think about the ways you can shield your financial interests.

The benefits of a prenup

Most people don’t realize the ways that a prenuptial agreement can benefit them. They believe that they are not wealthy enough to justify this type of contract, or they are confident that they won’t need the specific protections provided by one in the future. One of the main benefits of a prenup is that it can allow you to designate what is marital property and what is separate property, eliminating the need to have a legal battle over property in case of a divorce.

A prenup agreement can also allow you to write out and specify the financial responsibilities of each party during the marriage. In the terms of your prenuptial agreement, you may also be able to explain how spousal support should work in case the marriage ends. Ultimately, having a prenup can settle many issues ahead of time, which can be significantly beneficial in case the marriage ends down the road. 

Are there drawbacks?

There may be some drawbacks to having a prenup, and there are limits to what these agreements can do. For example, a prenup cannot address issues related to child support and child custody. Other couples find that discussing these issues can cause problems and financial strife before the marriage even begins.

If you think this could be a smart step for you, you may find it beneficial to discuss your potential need for a prenup with an experienced attorney. An assessment of your case can help you see what steps you may need to take to protect your future.