Why You Absolutely Need a Prenuptial Agreement
Often, people who are getting married will forego having a prenuptial agreement. They give all kinds of reasons for this. They might, for example, cite not having a lot of money or assets and, thus, think that they don't need a prenuptial agreement. However, things can certainly change over the course of a marriage.
Other times, people simply feel that prenuptial agreements are not romantic and make the marriage seem doomed to fail. But what is more romantic than loving someone so much that you want that person to care for their own best interests? While prenuptial agreements might not seem alluring, they are incredibly beneficial and should not be skipped under any circumstances.
Protect Yourself From Your Partner's Debt
People typically think that prenuptial agreements are all about protecting assets. While that certainly is an important part of many prenups, these agreements can help in many other financial ways as well.
For example, spouses sometimes end up responsible for their partner's debt after a marriage is finalized. However, you can specify in your prenuptial agreement that all debts will remain the sole responsibility of the person who originally incurred them. That way, no matter what happens in the course of your marriage, you will not get stuck paying money that you don't actually owe, potentially ruining your credit in the process.
Make Custody Decisions With a Level Head
One of the most important things that prenuptial agreements can do is determine who will get custody of any children, current or future, in the event of a divorce. While this might not be a fun topic to think about, it's smart to make those decisions ahead of time, when you're both feeling level-headed and fair.
Having a fair agreement in writing can really help to protect both partners if things ever get ugly later on down the road. Even more, they can protect the best interests of any children involved.
Protect the Lesser-Earning Spouse
One of the most sacrificial things that a person can do is to give up working in order to care for children and/or the home. Often times, however, this person is left without a work history or any kind of protection in the event that a divorce occurs. Having a prenuptial agreement with an agreed upon spousalsupport arrangement for the non-working spouse can really help to protect the person who chooses to stay home.
Even in cases where both parties work, a prenuptial agreement can really help the party who earns less. There is nothing worse than getting accustomed to a certain lifestyle and having to change everything after a divorce. By putting protections in place ahead of time, both parties can continue to live in the way in which they were accustomed after the divorce, which is only fair.
Avoid State Laws
When you enter into a marriage without a prenuptial agreement, there is still some sort of agreement in place, whether you realize it or not. The agreement or laws to which you are agreeing are the laws that are put in place for your state. These laws are very one-size-fits-all and cannot accommodate any unique desires or situations you and your spouse may wish to incorporate, other than by sheer luck.
Instead of just agreeing to arbitrary state laws, which may change during the course of your marriage, why not set your own rules and laws that you both agree on? After all, what could be more loving or faithful than that?
After realizing the many advantages of having a prenuptial agreement, why would you ever get married without one? To get your prenup in place, contact our professionals at The Law Office of Joe R. "Jay" Johnson II.
