Antenuptial or prenuptial agreements, commonly referred to as “prenups,” are contracts entered into before marriage. They primarily address financial matters and outline how assets will be divided in the event of a divorce.
In some ways, this may seem unromantic. However, antenuptial agreements offer several practical benefits, as outlined below.
Protecting individual assets
Each spouse may have worked hard to establish assets before the marriage, assets such as real property, cash savings, or investments. There is nothing wrong with wanting to safeguard what you’ve worked hard to acquire. Similarly, one spouse may have received a substantial inheritance they wish to protect. An antenuptial agreement clearly defines the ownership of individual assets and helps prevent legal disputes from arising if the marriage ends.
Defining responsibilities
Antenuptial agreements can also define each spouse’s financial responsibilities during the marriage. For example, if one spouse brings significant student loan debt into the relationship, a prenup can clarify that they alone are responsible for repaying it. By establishing these expectations upfront, couples can avoid misunderstandings and financial conflicts, which can strengthen their overall relationship.
Streamlining divorce
While divorce may be the last thing on a couple’s mind before they marry, the reality is that not all marriages work out. If that happens, it is important to have an efficient and amicable divorce process. Lengthy legal battles are stressful, costly, and emotionally draining.
An antenuptial agreement can streamline divorce proceedings by providing clear terms for asset division and spousal responsibilities. This helps couples avoid the often complex and contentious process of property division.
If you are planning to get married, an antenuptial agreement is worth considering. If you are already married, a postnuptial agreement is still an option. Seek legal guidance to explore how these agreements can work for your