Deciding to get married is a lovely thing but never a piece of cake. You’ll be dealing with hundreds of guests, two wedding doves, and a wedding planner who acts like she knows everything. When couples get married, they often think about new beginnings and all the happy thoughts of living a life together. Perhaps, sad endings are the least things to worry about. 

However, two out of five marriages may sometimes fail. And marriages resulting in divorce or death are connected with significant questions like how would you want your assets and debts to be handled after the event of divorce or death? And should your partner receive alimony or not? Some couples prepare for these issues before making their way down the aisle. And for them, the best way is to set up a prenuptial agreement that will put everything in place. 

What is a prenuptial agreement? 

A prenuptial agreement is a written contract made by engaged couples concerning the ownership of their assets should their marriage fail in the fullness of time. This is to ensure that the properties will remain in the possession of its original owner instead of being left to the decision of the court. The agreement usually contains a list of separate assets (including debts) each person owns and his or her rights when it comes to ownership and providing for potential alimony. States may have different rules when it comes to prenup arrangments; hence, most couples work with a family lawyer. Hiring your own attorney can help you interpret rules and review your contract.

Why should engaged couples consider a prenuptial agreement?

Not everyone is necessary for prenups. Aside from it’s not very romantic to do so, average people with average assets do not need to go through the process. Mainly because prenups are advised to couples with personal or business assets only. These days, more and more couples are signing a prenup, but contrary to this emerging belief, some are still uncomfortable with how it works. If you’re still confused about how prenup agreements can help you, I’ll give you some of the benefits to consider with filing. 

• Prenups help establish what’s yours, what’s mine, and what’s ours.

The content of your prenup agreement depends on how you write it as a couple. Although the main agenda is to secure each person’s assets, couples can still decide whether to equally distribute the marital property or not. This way lets you confront money issues earlier and helps steer financial decisions such as student loans, potential alimonies, or death benefit.

• Prenups set the debts out of one’s responsibility.  

When your spouse dies with unpaid debts, you will be obliged to pay them off. Any accumulated debt during the marriage is considered as communal property so both parties are responsible to cover it. But with a prenup agreement, you can be free from any obligation when you set up rightful ownership to credit lines and other personal mortgages. 

• Prenups secure inheritances.  

Securing inheritances is beneficial for persons who have been married and have children before they get remarried with a different person. Prenup ensures that the inheritance is properly distributed based on the person’s last will. 

• Prenups can override some state laws. 

Getting married means you’re agreeing to the state’s marital law which may not really benefit you in the long run. For example, the state court decides for child custody, the division of inheritances, and others concerning the cover of unpaid debts in the event of a divorce or death. To override these state laws, prenups puts the power in the hands of the couple.