Now days, prenuptial agreements are becoming more and more standard for couples when they decide to get married. Unfortunately, not every marriage can stand the test of time and couples often wind up getting divorced. In fact, about half of all marriages end in divorce. With this in mind, we explain the pros and cons of prenuptial agreements.
Pros of having a Prenup
A prenuptial agreement can be used to:
- Define what is marital or community property
- Support an estate plan
- Protect property acquired before marriage
- Clarify special agreements or arrangements made between spouses
- Establish procedures and rules for deciding future issues
A prenuptial agreement can also be used to help with your will because it ensures that your wishes are followed after you die. Another benefit is that descendants and heirs cannot change the conditions of a prenuptial agreement.
Although prenuptial agreements are often stigmatized, they can actually help strengthen a relationship. This is because figuring out the terms of a prenup requires open and honest communication about things like money and debt. Speaking about such issues can eliminate misunderstandings that might otherwise cause a rift in the relationship.
Cons of Having a Prenup
While there are benefits for having a prenuptial agreement, there are some drawbacks as well. For example, an agreement can require one spouse to give up their inheritance rights after the other spouse dies. Other times, projecting future issues can be a stressful burden, particularly if you have children.
Some people will avoid a prenup because they feel they are:
- Imply divorce is imminent
- Time consuming
- Too complicated
Want more information about prenuptial agreements? Contact our Clarksville family law attorneysor call (931) 361-4477 today.