Premarital agreements are special agreements that help limit the risk of litigation in the future. These agreements are designed to break down what happens to your assets in a divorce. The agreement may also address other topics.
Even though you may love and trust your spouse, getting a prenuptial agreement isn’t a bad idea. A prenuptial agreement helps you both get full disclosure about your potential spouse’s assets and debts. It also helps you talk through your expectations if you do divorce.
50% of marriages end in divorce
If you need another reason to get a premarital agreement, consider the fact that half of all marriages in the United States end with divorce. However, if you go into your marriage with the full disclosure and understanding of what a prenuptial agreement offers, your marriage may have a higher chance of success.
Why should you have a prenuptial agreement?
There are several reasons why you should have a prenuptial agreement. These include:
- Getting to know all of your future spouse’s assets and debts
- Building your marriage on trust and understanding
- Discussing your preferences for property division and other topics if you do decide to divorce in the future
- Setting up a contingency plan that makes divorce less stressful if it does occur
You should understand that your prenuptial agreement is a signed and notarized contract. That means that signing it binds you to the contract legally. However, there are times when these agreements will not hold up in court. For example, child custody issues may not be included in prenuptial agreements and will be voided if they are.
What should you do before signing a prenuptial agreement?
Before you sign a prenuptial agreement, you need to discuss that agreement with your partner and your attorney. A prenuptial agreement should not favor one person significantly over the other. It can, and should, protect both of you.
If your partner tries to get you to sign a prenuptial agreement as an ultimatum to marriage or without giving you time to speak with an attorney, then that agreement may also not stand in court and could be thrown out.