Marriage is considered to be one of the most beautiful things in our society. It is a promise to spend your entire life with a person. Unfortunately, not all marriages last forever. As a matter of fact, around 40 to 50 percent of married couples in the United States end up divorced. Therefore, the trend of undertaking a prenuptial agreement, commonly referred to as a prenup, has seen an upward rise over the last few years.
What is a Prenuptial Agreement?
A prenuptial agreement is a contract between spouses signed before their marriage to clarify terms pertaining to ownership of their respective possessions and assets in case of divorce. It gives protection to their personal assets, especially when they hold assets which have a substantial amount of value. This arrangement involves discussing divorce terms before marriage and therefore can reflect lack of faith about success of their marriage. However, it can be beneficial for both spouses to get into this arrangement. Here are three key benefits of a prenuptial agreement:
Advanced knowledge and control over your financial obligations
As unappealing as it may sound, having an advanced knowledge of your financial obligations in case you file for a divorce can make the process much simpler and stress-free. Moreover, it provides spouses an opportunity to set their own terms. For instance, if neither of you wishes to pay alimony, you can remove this obligation under a prenuptial agreement. Similarly, if a spouse is willing to give up their job to raise children, an agreed amount may be set as an alimony to protect their future.
Development of a healthy financial relationship
The process of a prenuptial agreement requires comprehensive discussion of finances between spouses, which may require full disclosure of financial standing of both spouses. While it may seem awkward to talk about your finances, it will actually help you to discuss topics that may not get discussed otherwise, saving you from post-marriage trouble. This will ensure that both spouses are on the same page before commencement of marriage and reduce the likelihood of arguments over finances in future.
Better communication and understanding
A prenuptial agreement requires independent legal counsel for both parties. This means that family lawyers will be the ones to lead communication during the procedure. However, it also presents a unique opportunity for a couple to communicate about issues and reasoning behind those terms they are willing to set. Moreover, they will be in a better position to understand each other’s needs and requirements. Both parties may compromise while negotiating certain points, which may instill a habit of compromising and cooperating after a marriage as well.
If you want to find out more about prenuptial agreement or wish to schedule a free consultation session with an experienced family lawyer, contact Fitzgerald Law Firm by calling at (630) 946-6060.