Some advantages & disadvantages of prenuptial agreements
For some people, a prenuptial agreement is an absolute must when it comes time to get married. Although the prenuptial agreement has some important advantages, there are certainly emotional disadvantages for it as well.
Discussing this legal agreement prior to that walk down the aisle will help couples decide whether it is the right thing for their particular situation or if it is territory they would rather avoid. According to the Centers for Disease Control and Prevention website, around half of all marriages in the United States end in divorce, so a prenuptial agreement is definitely worth considering.
Protection For Both
Although one party may gain more of an advantage by entering into a prenuptial agreement, the agreement allows for protection for both people. The agreement will protect any separate property each brings into the relationship in the event of divorce. The language contained in the actual prenuptial agreement will define what property belongs to the specific parties and makes it simple to determine what is marital property, according to legal solutions website Nolo.com.
Reduced Divorce Complications
A prenuptial agreement could reduce some of the conflict associated with a potential divorce.
This is a significant advantage, since some divorces could end amiably if not for the bickering over financial responsibility and entitlement. While some marital property may still need to be divided, the parties are not as likely to be defensive about splitting what they have built together as they would be giving a portion of property or money they already had prior to the marriage to the ex-spouse.
In the event of the death of one of the parties in the marriage, a prenuptial agreement will help support the estate plans desired by the deceased. The protected property can be divided among beneficiaries according to the wishes of the dying party.
Although the prenuptial agreement is designed to protect the interests of each person entering into a marriage, it is not particularly romantic.
The straightforward legal language meant to define what belongs to whom is not necessarily what people in love wish to discuss just before their special day. Making this agreement is not for every couple, and if discussing the possibility for divorce will significantly put a damper on the relationship or the wedding itself, it may not be a good idea.
The time leading up to a wedding can be stressful for both people.
A prenuptial agreement could potentially add more stress to the situation by introducing doubt into the equation.
A prenuptial agreement forces the parties to consider the reasons that the two may eventually decide to split up. These thoughts could tarnish an otherwise happy occasion.