5 Reasons You Might Need a Prenuptial Agreement

5 Reasons You Might Need a Prenuptial Agreement

Prenuptial agreements have long been the subject of mixed opinions and misconceptions. Often associated with wealthy individuals or a lack of trust in the relationship, prenups are valuable legal tools that can benefit couples in various circumstances. The following article will discuss common reasons couples should consider a prenuptial agreement and how a family law attorney can assist you with counsel and legal drafting. 

By understanding the benefits, you can make an informed decision about protecting your future and assets.

Why do couples choose prenuptial agreements?

According to a survey by the American Academy of Matrimonial Lawyers (AAML) in 2019, nearly 62% of family law attorneys reported an increase in prenuptial agreements over the previous three years, indicating that many individuals and couples in the United States are creating and signing prenuptial agreements to protect their assets and clarify financial expectations.

Couples are interested in clarifying and outlying factors they wish to be included in marital agreements based on their lifestyle, family history, assets, and areas of wealth protection. 

5 Reasons why you may want to consider a prenuptial agreement.

Every couple presents their unique perspectives and reasons for thinking about or drafting a prenuptial agreement, but for many couples, here are the 5 main reasons you may want to consider an agreement before getting married.

Protecting Separate Property

One of the primary reasons couples opt for a prenuptial agreement is to safeguard their separate property. A contract can include assets acquired before the marriage, inheritances, or family businesses. A prenup delineates which assets belong to each spouse, ensuring they remain separate in case of divorce or separation.

Division of Marital Assets

A prenuptial agreement can establish how marital assets will be divided in the event of a divorce. By outlining the distribution of property, finances, and debts, couples can avoid lengthy and contentious disputes, saving time, money, and emotional distress.

Clarifying Financial Responsibilities:

A prenup allows couples to define financial responsibilities during the marriage. Specific financial responsibilities can include agreements about joint bank accounts, expenses, savings, and investments. Couples can mitigate potential conflicts and maintain financial harmony by setting clear expectations.

Protecting Spousal Support Rights

A prenuptial agreement can address spousal support, commonly known as alimony, in the event of a divorce. It can establish the amount, duration or even waive the right to spousal support altogether. Protecting marital rights provide both parties with financial security and eliminates uncertainty.

Safeguarding Business Interests

If one or both spouses own a business, a prenuptial agreement can protect those business interests. It can specify how the company will be valued or divided or if the non-owning spouse will have any claims to it. Safeguarding business interests ensures the continuity and protection of the business in the event of a divorce.

Are you interested in learning more about how a prenuptial agreement works and how it can benefit your relationship? Contact us today.

Whether you are about to get married or currently in a partnership, navigating the complexities of prenuptial agreements requires professional guidance and expertise. Andrea Heckman Law is here to help you with any prenuptial agreement concerns. With our experience in family law matters, including prenuptial agreements, we can provide comprehensive advice, ensure the contract is drafted correctly, and represent your best interests. 

Contact Andrea Heckman Law today to schedule a consultation and take proactive steps to protect your future.