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Benefits of prenuptial agreements to consider

Marriage is not simply an emotional arrangement-there are several financial factors involved. While you are not likely planning to get divorced, the possibility is real. Getting a prenuptial agreement is a great way for some couples to reduce confusion and retaliation if such a situation should arise. While there are real questions for you to think about, here are a few benefits of getting a prenuptial agreement.

Guidance for dividing property

Deciding how to split assets is one of the most stressful parts of getting a divorce. These situations are often fraught with arguments based on emotional distress. If you have a prenuptial agreement, the emotions take a back seat and reasonable terms take control instead. By having a plan should things go south, you and your spouse could focus on healing instead of fighting about the details of dividing assets.

Protection from ulterior motives

Sadly, some people enter marriages with plans to walk away with a big chunk of assets. If you have a high net worth and complex assets, you might want to consider using a prenuptial agreement to safeguard what belongs to you. Vet your partner and consider whether he or she knows of your significant money or assets.

Financial understanding and unity

While you might be afraid that bringing up finances could take the giddy feelings away or brew distrust, it might actually save your marriage. Many engaged couples do not speak openly about finances, only to have them be the main cause of their divorce. By signing a prenuptial agreement, both you and your future spouse bring your finances to the forefront for an honest discussion.

The agreement not only determines what might happen during a possible divorce, but also how finances will work during your marriage. For example, you and your future spouse can plan whether you will merge bank accounts or keep financial accounts separate. Even if you decide to sign an agreement, it is beneficial to talk openly about money, property and debt to avoid future misunderstandings and arguments.

As with any decision regarding marriage and divorce, this is one that should not be made lightly. If you are considering signing a prenuptial agreement, you should carefully analyze your own financial situation and whether it is the right path for you. To make sure you are making a good decision, you may want to seek the advice of a family law attorney. An attorney can help you consider the specifics and walk you through negotiations, writing drafts and signing the agreement.

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