The Basics of Prenuptial Agreements
Prenuptial agreements are no longer just limited to wealthy couples. People in all kinds of situations and from all socio-economic backgrounds are deciding to spell out their responsibilities and rights before their wedding. And, if a couple decides to divorce at some point in the future, it can clarify how assets and property will be divided.
If you don’t already know, a “prenup” is a written agreement that a couple signs before they get married. If the marriage ends in divorce or death, the prenup states what each person’s property rights will be after the marriage ends. It usually lists the debts and assets of both parties.
Initially used to protect the property and assets of the wealthy, people in a wide variety of situations are now seeing the benefits of a prenuptial agreement.
Prenups give rights of the assets to the children of the couple as well. If a spouse dies, the children of the deceased spouse will have the rights to the assets and properties. It will also prevent the surviving spouse from taking control of all the assets.
Prenups can also clarify the responsibilities and the financial rights of each party during the marriage. Consider the situation where one spouse has significant debt. A prenup can protect the other spouse by removing the responsibility of the debt that may have been incurred before the marriage.
Prenuptial agreements can also help couples separate more amicably and with less stress should they divorce. While there are still a few states that won’t allow a spouse to give up rights to alimony (sometimes called spousal maintenance) a prenuptial agreement can address whether or not the spouse will receive alimony.
If a couple signs prenup agreement it does not mean they are not strongly committed to each other. Neither it means they do not trust each other. On the other hand, it may mean just the opposite. It may help you to build a stronger marriage as it clearly states what is expected of each one.
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