Brides-to-be should strongly consider getting a pre-nuptial agreement in place with their future husband. This will strongly prevent any disagreements between the couple in case there ever is a need for separation or divorce. There are many pros and cons of getting a pre-nuptial agreement and these will be discussed in this article.
Pros of Pre-Nuptial Agreement
There are many advantages of having a pre-nuptial agreement prior to marriage and this is oftern down in the following cases when either partner:
- Owns a home or real estate property before marriage
- Owns stocks or retirement accounts or a significant amount of inheritance before marriage
- Has children from a previous marriage
- Will be contributing to a child’s college funds or supporting the family in other critical periods of time
- Protection of property: Prenuptial agreements can help solidify and define exactly which property items each partner will be entitled if there is a divorce or separation.
- Avoid future costs: Most of the legal issues are covered in the prenuptial agreement thereby avoiding costly litigation in the future
- Special provisions: Special provisions can be included for maters that are unique for each situation in addiiton to property matters which can in turn also prevent costly litigation down the road.
- Debts: Pre-nuptial agreements can also be used to determine lthe liability of each partner for debts and help to protect each partner from issues with creditors.
Cons of Pre-Nuptial Agreement
There are of course some disadvantages of having pre-nuptial agreements and here are some of the common perceived disadvantages.
- Might be unnecessary: Many of the issues covered by pre-nuptial agreements are covered by state laws and there are some issues such as child support matters that are not allowed to be discussed in a pre-nuptial agreement. These matters need to be resolved through court.
- Might be too early for young couples: If the couples are very young, it might be too early to need it especially if both partners have not acquired a great deal of property or assets.
- Perceptions that partners do not trust each other: Some people feel that the idea of having a pre-nuptial agreement brings up the idea of a lack of trust between the partners. Some feel that the use of these types of agreements leaves the couple open to the possibility of separation or divorce. However, one must realize that the pre-nuptial agreement itself does not encourage divorce.
Overall Thoughts on Pre-Nuptial Agreements
While there are some perception-based disadvantages of pre-nuptial agreements, the advantages of having them greatly outweigh the cons. It is much better to enter the marriage with peace of mind knowing that your personal assets and property are protected and that they are separate from any joint property or assets acquired during marriage. This will also provide peace of mind to any children you have in previous marriages.