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Getting married is one of the most exciting and stressful times in one’s life. From planning through to the actual event, it can be easy to gloss over irrational decisions when emotions are running high. As a result, now is the time to consider whether a prenuptial agreement would be a good idea to have in place before the big day.
The Benefits of a Prenuptial Agreement
If you’re considering a prenuptial agreement, it’s likely that you’ve worked hard all of your life and you have assets and financial investments that you want to protect. There is nothing wrong with this and you have every right to protect all that you have worked for.
A prenuptial agreement is typically created in order to divide and preserve possessions in a clear and concise manner in the event that the marriage doesn’t work out. This provides an advantage over common law situations in that the prenuptial agreement is a legally binding contract that defines who receives what in the event that the marriage is dissolved.
Prenuptial agreements may also help to strengthen a marriage by placing both spouses in a position to work out differences to avoid having to execute the prenuptial agreement. Knowing that certain financial assets are on the line can go a long way in helping both spouses to think twice before simply walking away from the marriage.
The Potential Pitfalls of a Prenuptial Agreement
Unfortunately, prenuptial agreements are not without their negative aspects. In some cases, suggesting or presenting a prenuptial agreement to a future spouse may result in resentment. In such cases, it would be a good idea to consult your future spouse prior to creating and presenting an agreement so that you are both on the same page.
Another problem that some people face is when they decide to create a prenuptial agreement without the assistance of an experienced attorney. When you draw up your own prenuptial agreement, you may miss key details or legal wording that clearly defines the division of property. In such cases, the agreement may be contested in court, possibly leading to a lengthy process and the loss of income, property, assets, and investments.
Contact an Attorney to Discuss Your Plans
Because of the serious repercussions involved in the proper creation and execution of a prenuptial agreement, it’s usually best to discuss your plans with an attorney. An attorney can help you to figure out what property and assets you would like to protect, and he or she can create your prenuptial agreement in such a manner that the document protects your rights if it needs to be executed upon the dissolution of your marriage.
To learn more about prenuptial agreements and how one may protect you, contact Chung & Ignacio by calling (909) 726-7112!