If you are about to get married, one of your friends, relatives, or a lawyer may recommend getting a prenuptial agreement. This is a written contract that couples get into before marrying. It outlines what will happen to assets and finances during the marriage or in the event of a legal separation. Like many people, you may not know much about prenups or the terms of the agreement. So, the best thing to do before signing is to get factual information about this contract. Below are prenup facts every couple should know.
They Aren't Only for Well-Off Couples
A common misconception regarding pre-ups is that they are for wealthy individuals. Please keep in mind that this isn't the case. Perhaps most wealthy individuals prioritize a prenup because they understand the significance of protecting their wealth. But this doesn't mean other people who aren't well-off cannot safeguard their assets, no matter how small. So, no matter what you are worth, you should consider signing a prenup.
A Prenuptial Agreement Is Formed as Per Your Needs
Another concern people have is the procedure involved in forming a prenup. You should know that there isn't a standard process to follow in creating one. As long as the agreement is fair, both couples are free to decide on what they want to include in the agreement. This may include premarital assets, alimony from another marriage, or inheritance. One can also restrict the scope of the agreement. For example, if you'd like to secure premarital assets, you may restrict the agreement's content to how the separate assets will be managed once you pass on. Therefore, you are free to draft the contract to suit your needs.
Prenuptial Agreements Accelerate the Divorce Process and Reduce Costs
Sometimes marriage doesn't work, and when this happens, couples can decide to divorce. Those with a prenuptial agreement will have a less complex marriage annulment procedure. This is because they already have an agreement on how assets, property, and debts should be divided in case of a divorce. The contract makes it easier for the couples to move on and respect one another because there will be no fights or arguments about who gets what. As such, the divorce process will cost less since there are no complications, such as lengthy court cases. The same cannot apply to couples who do not have prenups.
Now that you know a few prenup facts, you shouldn't hesitate to seek professional help. Remember to consult a lawyer during this process to protect your rights and those of your spouse before marriage. They will offer legal counsel and guidance when needed.