The foundation of a happy marriage is a good partnership. Every partner is liable to take care of each other equally. Therefore, some bring their assets and properties into the relationship. When such cases occur, prenuptial agreements turn very important.
But what is a prenuptial agreement & its purposes? Or what is the cost of prenup agreement? This article will find everything you need to know about prenups.
Let’s get started.
Table of Contents
What is a prenuptial agreement?
A prenuptial agreement is a legal agreement that two partners sign before marriage. In these agreements, they come to a legal understanding to divide their assets while getting divorced.
However, some think that prenuptial agreements have bad impacts on marriage. Or it may seem like you’re thinking about the ending before starting it.
On the other hand, you may also think that only wealthy couples have the right over the prenuptial agreement. However this is not true always. Instead, it might be a smart move for couples. Additionally, you can save your assets and properties through prenups.
What is the purpose of a prenuptial agreement?
In most cases, partners hesitate to think about the main purpose of a prenuptial agreement. When you marry someone, you are under the law and hold an economic partnership. Additionally, both the partners have obligations and rights in the relationship.
You will barely think about divorce before getting married. But a couple must preplan these things in mutual terms and conditions for their financial safety. Otherwise, it is tough to negotiate without such agreements while divorcing.
Moreover, one partner can use this prenuptial agreement as a survival kit when the other pass away.
Benefits of a prenuptial agreement
Most people are confused about whether a prenuptial agreement benefits or helps to get a divorce in a relationship. Some opinions that marriages come to an end with such agreements. On the other side, some think such agreements help to focus more while reducing divorces.
The prenuptial agreements are financial and legal protection during a divorce or separation. If you have a prenup, you can easily solve your problems while there’s a marriage breakdown.
While getting married, each brings a few assets and property to the relationship. You might disagree with sharing some of these assets and property. After divorce or separation, this agreement can help you to save them.
However, ensure a friendly discussion with your partner before you draft a prenuptial agreement. The process becomes much easier when a couple discloses all the financial liabilities and assets. Additionally, this can also help in managing the capital in the future.
What are the limitations of a prenuptial agreement?
A prenuptial agreement doesn’t cover all categories of marriage. If you are making this agreement single-handed, you should know that there are a few limitations while drafting this contract.
Here are some of the limitations of a prenuptial agreement that can help you:
Child custody:
The court will decide the child’s visitation and custody by looking at the child’s interests. The court will maintain the rules and regulations to keep the child safe. Therefore, the agreement will be denied if such issues are mentioned.
Alimony waiver:
While some states limit alimony waivers, others prohibit them. However, these issues are handled carefully in places where alimony waiver is legal. Therefore, an agreement can’t add an alimony waiver.
Child support:
You should know that child support is the support that a child gets but not a parent. Even if you and your partner agree, there’s no chance of waiving the child support. So, the court would deny the prenup agreement if you include child support.
Divorce incentives:
Many things can encourage getting a divorce. Therefore, your agreement would turn invalid if you add divorce incentives in the prenuptial agreement.
Personal matter:
When you do a prenuptial agreement, you should avoid personal matters. This is because this agreement solely works with the financial matters of a couple. Therefore, you should avoid adding things about your children, household management, handling surnames, etc.
Final verdict
In conclusion, you know what a prenuptial agreement & its purposes is. This agreement is beneficial before marriage as it can help you plan the assets and properties.
Additionally, it is a very thoughtful process. You can easily save your assets and properties by avoiding disputes with your partner. Therefore, you can take time before signing this agreement.
If this is still confusing, you can consult and hire a lawyer for help. They would surely help you out with their experience.