There is a myth that premarital agreements are a roadmap for divorce. Quite the opposite is true. Preparing a prenuptial agreement requires the couple to discuss their approach to their finances. One may be a spender and the other a saver. If you know this going into your marriage, you can reach agreements on spending and saving that will suit you both.
A Few of the Common Reasons for a Prenuptial Agreement
Discussing and preparing a prenuptial agreement is a time for a couple to be totally transparent in their communication. It can be viewed as an educational opportunity and a time to really learn about your intended spouse while you create the future you both want together.
Generally, young people without children who are embarking on their first marriage are not as likely to have a premarital agreement as others. Some of the most common reasons people want a premarital agreement include:
- Either of you own property and want to continue owning it as separate property after the marriage. A prenuptial agreement can make sure the separate property does not become a marital asset. This keeps from having to do complicated and expensive tracing of ownership if you were to get a divorce.
- Either one or both have children from previous relationships, and you want to keep your separate property separate for their own children’s inheritance.
- One of the parties is a business owner and wants that business to remain separate property.
- Either one or both have a lot of assets you want to keep as your separate property and not to be considered marital property in case of a divorce.
- If there is substantial debt at the time of the marriage and the non-debtor spouse wants it to be clear that he or she is not responsible for that debt.
- It can spell out the terms of whether there will be spousal support, and if so, the amount and length of time it will be paid.
Postnuptial Agreements
The prenuptial agreement can be changed or rewritten at any time. When this agreement is done after the couple has already married, it is then a “postnuptial” agreement.
Contact the Law Office of Rebecca Medina
If you are considering a prenuptial or postnuptial agreement, contact us at the Law Office of Rebecca Medina, a Professional Law Corporation, to learn how the collaborative process can assist you in forming an agreement that is in the best interest of both you and your soon-to-be spouse.
