Purpose of Prenuptial Agreements

Purpose of Prenuptial Agreements

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Prenuptial agreements are forms that act as a practical solution for dealing with the topic of how finances will be handled in a marriage. Although these forms are critical in preventing financial inequality, popping the question of using a prenuptial agreement is often times considered unromantic.

Every year, more and more couples create prenuptial agreements before they get married. Most couples just want the comfort of knowing all the financial cards are on the table so there will be no surprises later on. Others, like the rich and famous, just want to keep the government out of their wallet if their spouse try’s to divorce them. No matter what the reason, prenups are used to comfort one or both of the spouses before walking down the aisle.

To be specific, prenuptial agreements are signed and notarized contracts that draft how financial aspects of a marriage will be handled. Although they’re not very exciting, having an honest financial discussion before a wedding can be a genuinely beneficial and positive experience.

When prenuptial agreements are presented to a spouse, they often times feel like there must be a lack of trust, or commitment, but this is not the case. Prenups are explicitly seen as being beneficial. There are many advantages to using a prenup before marriage.

Prenuptial agreements help spouses face their financial matters. Ambitions shouldn't be the only thing you two discuss. Discussing your current financial situation is not only important for your spouse, but is important for you too. There shouldn't be any secrets between spouses; to me not using a prenup indicates a lack of trust, not the other way around.

Another benefit to using prenuptial agreements is that they allow spouses to preserve family ties and inheritance. For some people, prenups are essential just for this reason. For example, if you had two children before marriage, you can ensure that assets you've set aside for them are protected. No probate court could dictate those assets be transferred to the other spouse.

Prenuptial agreements are also beneficial for protecting a business owner’s business asset. Often times spouses will fraudulently claim they have a stake in the other spouse's business, and probate courts often fall for it. Even my aunt was able to get thousands of dollars a week this way by claiming a stake in her ex's business. Using a prenup to describe a spouses accumulated business asset's before marriage will ensure their stake in the business is protected. If your spouse did want to help out with the business later on, you could always use a partnership agreement.

Contested divorces are almost always very emotional and ruthless. Spouses will fight tooth and nail over every asset accumulated during the marriage. Sometimes they will even selfishly fight over assets accumulated even before the marriage, which obviously they have no claim over. That's why divorce's can get expensive because you'll want a lawyer with you during probate court to fight on your side. Prenuptial agreements eliminate battles over assets and finances.

Disclaimer: This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as legal advice or used to make legal decisions. Consult an attorney in your area if you’re seeking legal advice.

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