• Learn the Basics of Prenuptial Agreements

  Filed under Society
  May 19
  by Cristi Trusler

  Prenups 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.

  We should start with a definition. What is a prenup? It is written agreement that a couple signs before their marriage. If death or divorce separates the couple, then the prenup states the rights of the properties of the couple or their legal heirs. It addresses both assets and liabilities.

  People in numerous situations are beginning to see the positive benefits of a prenuptial agreement. It’s no longer limited to the wealthy.

  Prenups allow couples with blended families to pass on assets and property to their children while still providing for each other. In this situation, a prenuptial agreement protects the children of the deceased spouse. It can also prevent the assets and property from passing to the surviving spouse.

  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.

  A prenuptial agreement can benefit anyone, and does not indicate that you and your spouse are not fully committed to honoring your marriage vows! On the contrary, a prenup allows the couple to spell out what they expect from each other financially, and creates a more harmonious union with fewer conflicts, now and in the future.

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  Tagged as: Society
  

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