Prenuptial agreements can get a bad rap. They are often seen as a sign of mistrust between spouses. Nonetheless, this is far from the truth.
Prenuptial agreements can have numerous benefits- for both spouses. Why utilize a prenuptial agreement?
It creates trust
Rather than being a sign of mistrust, a prenuptial agreement can actually create trust between spouses. A prenup means that both spouses have open conversations about finances and assets from the beginning of the relationship.
Given that financial infidelity is one of the biggest causes of divorce, a prenuptial agreement actually helps spouses avoid this. The marriage can be built on stronger foundations in terms of talking about money.
It protects assets
One spouse may have built a business portfolio from scratch. Or, this may be the case for both spouses. There is nothing wrong with wanting to protect your hard work. Should divorce occur, both spouses can know that their respective businesses are protected by a prenuptial agreement.
Property division is one of the most contentious aspects of divorce. Should divorce occur, a prenup can provide clear instructions on how assets should be divided. This helps spouses avoid litigation over who gets what. In turn, this amounts to time saved and money saved.
What about postnuptial agreements?
If you haven’t utilized a prenup before marriage, then a postnup could be a valid option. Essentially, a postnup carries out the same functions as a prenup, only it is signed after the marriage has commenced.
It’s important to know the facts about nuptial agreements. They could help your marriage rather than hinder it, and should a divorce occur, they can make it less acrimonious. To find out more about the law in these areas, it will be beneficial to seek legal guidance.