A marriage proposal becomes a cherished romantic memory, but asking a loved one for a prenuptial agreement doesn’t rank on the same list of memorable moments. Still, a well-executed prenuptial agreement can be a loving gesture, despite the common stigma attached to this legal document.
Engaged partners draft and sign a prenuptial agreement before the marriage when they are at the most loving and generous point in their relationship. Essentially, a prenup cements an engaged couple’s caring for each other into binding legal terms for each spouse’s protection against any eventuality.
When deciding whether or not to propose a prenup or on how to answer a fiancé who suggests signing a prenuptial agreement, it helps to know what can happen to spouses who don’t have a prenup in place. For more information on your specific case, call our experienced divorce lawyers for legal counsel.
One of the leading causes of marital arguments is money. If spouses disagree on how they handle their finances, arguments over money may negatively impact the relationship. A prenuptial agreement typically includes terms for each spouse’s financial obligations and expectations during the marriage. For example, how they file taxes, allocate tax returns, and divide household expenses.
It may also set important parameters such as each spouse’s obligation to include the other in large purchase decisions. It may also include terms to protect each spouse from the other’s pre-existing debt. Finally, if one or both spouses are business owners, lacking a prenuptial agreement can cause a disruption in the business should the marriage end.
While a prenuptial agreement doesn’t replace a last will and testament, it typically includes key protections for important assets. Depending on the specific circumstances, the prenup could waive a spouse’s inheritance rights—for instance, if one spouse has a family heirloom or inherited property they wish to pass on to a child from a previous relationship. It prevents separate property from becoming commingled with a spouse.
Without a prenuptial agreement, the state’s hierarchy for inheritance may not align with a deceased spouse’s wishes if they die without a will or full estate plan.
Although a prenuptial agreement offers far more than just protection during a divorce, these safeguards are a key component of any prenuptial agreement. It may be difficult to confront the possibility of a relationship ending sometime in the future, but life is unpredictable. A carefully created prenuptial agreement predetermines how spouses divide and distribute their marital assets should they separate or divorce in the future and also delineates each spouse’s separate assets.
Finally, many prenuptial agreements set the terms for spousal maintenance (alimony) or waives the right to petition the court for alimony should a divorce occur. Without these terms for a potential divorce in place, divorce becomes much more expensive, adversarial, and contentious, often requiring a court battle.
A prenuptial agreement becomes a settlement agreement, avoiding the need for court and ensuring a more civil relationship as they move forward—a substantial advantage if divorcing spouses share children.
When spouses have parameters in place for the financial aspects of marriage, it leaves more room for them to focus on the emotional side of the marriage. A prenuptial agreement works almost like a time capsule to extend protections put in place when a relationship is at its best.
These legal protections safeguard each spouse during the marriage and in the future if the marriage ends in divorce or death. This avoids potential problems and pitfalls that could negatively impact the marital relationship.
Deciding on a prenuptial agreement is a critical choice, and the terms of the contract can substantially impact both spouses’ futures. Contact Ciancio Ciancio Brown, P.C. for experienced legal counsel to guide you and your future spouse through this important process.
