Before tying the knot, you have the option of signing a prenuptial agreement. Also known as a prenup, these agreements can help protect each spouse’s financial interests. Maybe you have children from a previous marriage and are interested in protecting their inheritance rights. Or you’ve decided to start a business and wish to protect your ownership of that business and not have it divided by divorce. These and many other reasons are why you want to consider the pros and cons of a prenup before agreeing to sign one.
Pros of Signing a Prenup
Prenuptial agreements can protect each spouse’s financial interests before getting married. This means that if a divorce occurs, whatever was agreed on in the prenup will be difficult to challenge during the divorce. Prenups can be used to limit the amount of spousal support a spouse might get in a divorce. In addition, a prenup can protect a spouse from taking on their partner’s debt that they may have had before their marriage, protecting each spouse from the other’s debt and financial responsibilities. Prenups can even define the inheritance of children. Signing a prenup can be beneficial for couples to protect their individual financial interests. Make sure you sit down with your spouse and discuss in detail what you would like put into your prenuptial agreement.
Cons of Signing a Prenup
While a prenuptial agreement can be beneficial, it sometimes isn’t the right option for certain couples. Keep in mind that a prenup protects each spouse’s financial interests and will not include child support or child custody issues. A prenup also cannot dictate what chores each spouse is responsible for, where to take holidays, or what neighborhood to move into. Many family decisions will have to be made by the couple and a prenuptial agreement will not help in these matters. Also keep in mind that your future spouse may not be open to signing a prenup. They may think the timing is off or even believe the move to be unromantic. This can halt prenup proceedings before they even start at times. Also, state laws may already cover the issues you want to address in a prenup agreement and you may not necessarily have to sign one to keep your financial protection before getting married.
Still unsure if a prenuptial agreement is right for you? Contact the experienced attorneys at the San Jose and Danville law firm of Temmerman, Cilley, Kohlmann & Norcia, LLP.. We have years of experience assisting couples in estate planning. Schedule a consultation today.