When you get married to the person you love, it is the most beautiful moment of your life. Many people do not care about or agree to sign a prenup because they do not believe they will ever separate from their life partner. However, times are uncertain, and anything can happen. It is essential to take the proper steps to protect your assets.
While it is understandable that talking about what will happen if your marriage ends is not something you look forward to. But, it will help you both in the long run. For drafting a legal prenuptial agreement, you will require Coil Law legal representation.
Reasons you should get a prenup:
- Many marriages end in divorce.
The United States saw 40% of marriages ending in divorce in the year 2020. While you may not believe that you will separate from the love of your life, you should pay attention to the statistics of divorced couples.
- Keep your finances separate.
A prenup defines that your assets and money are your own, and they are not to be divided between you and your spouse. If you belong to a wealthy family, this step can be helpful towards ensuring your partner is not marrying you for your wealth. You can control the amount of money you pay as alimony after divorce and prevent your spouse from claiming a portion of your business.
- They avoid stressful situations.
Divorces are already stressful times, and fighting about asset division can add to your stress. Getting a prenup will ensure less arguing about who gets what. You will not have to worry about alimony, your spouse’s debt, and child support.
- Establish property rights and distribution.
If you get divorced and do not have a prenup agreement, your assets get divided between you and your spouse. Any debt acquired by your partner during the course of the marriage, such as credit card debt, will also fall on your head. Some people may not be happy about leaving their asset distribution in the hands of the law. A prenup can avoid this.
- Divorce processes are longer without a prenup.
There are various elements of divorce, and perhaps the most time-taking one is asset and debt division. There is a lot of arguing about what is fair and what is not. You may have to attend court hearings for months on end to argue about the same thing. A legal document that details your financial plans can speed up the process.
- Protect your family property.
If you have a family property or an heirloom and want to make sure that it stays in your family, you may need a prenup. During asset division, the judge won’t care whether the property is familial or not. Therefore, to make sure the fate of your family property does not go in the hands of the law, you must get a prenup.