Disclaimer: This article should not be treated as legal advice. It’s recommended that readers still consult legal counsel and contact a lawyer should they have any concerns regarding a prenup.
Marriage can be an extremely overwhelming “next step” for couples who want to become partners for life, but marriage isn’t always sunshine and rainbows. There are multiple factors involved when it comes to tying the knot, and it’s not always about the parties and the reception. One of the things to consider are legal aspects of the marriage, including the highly-debated prenup. Should you and your partner decide to tie the knot, it’s important to understand how particular legalities work, such as a prenup, in order to fully prepare yourselves for a married life ahead.
If you’re curious about how prenups work and if you should choose a prenup, then do read ahead – should you wish to learn even more, this blog post goes into further detail about this important agreement. In the vein of Shakespeare’s works, to prenup or not to prenup is the question a lot of couples ask, and we’re here to give you a brief idea on what to expect should you do take a prenup into consideration.
Do remember that the article shouldn’t be treated as legal advice, and this only seeks to give you a background on what prenups are and what to expect of them. If you want to understand the full extent of how prenups work, a lawyer is still the best person for you to talk to about this situation.
Decisions Matter
In its most basic sense, a prenup can actually help deal with more than just the financial parts of the marriage in question. A prenup can help set the direction through which both parties could look at their marriage moving forward, especially with certain decisions. Unfortunately, this can be difficult as it’s not easy to project a mindset into the future and think of issues that should be tackled.
Sometimes, a prenup is also tricky to consider as both parties might be in the honeymoon stage or are too “in love” with each other to consider the long-term repercussions of the agreement. This means it’s extremely important to consult with a legal professional before ever taking up a prenup agreement.
On Inheritance
- A prenuptial agreement or a prenup can actually protect the inheritance rights of grandchildren or children from the partners’ previous marriage. Unfortunately, the agreement may also require both sides to forfeit their right from the partner’s estate should something happen to them.
- Outside a prenup, spouses are normally entitled to a part of the estate even if the spouse doesn’t include that person in the will.
On Businesses
- If you own a business or a practice, a prenup can protect your interests in those matters when there’s a divorce. This means the agreement will not allow divorce to force those assets to be in the subject of control when there are talks of separation. In the same token, if you have a part of the continued growth of your spouse’s practice, you aren’t entitled to have a portion of the business if it increases in value, should you agree not to it during the prenup. Likewise, if you plan on giving up a career after the marriage, there might be some guarantee that you will be compensated for this loss if the marriage doesn’t in fact last.
On Finances
- If one spouse has a significant amount of debt more than the partner, a prenup can protect the other spouse from being obligated to pay the spouse’s debt.
- A prenup can also limit the kind of support a spouse would receive from the other party during a divorce, and this can protect the financial interests of a person who is older than the spouse, or who is entering from previous marriages.
- Of course, a spouse that doesn’t earn a lot of money may not be able to have the same lifestyle they had before if a prenup limits the kind of support they are entitled to receive.
Conclusion
Married life is an extremely big step for couples to take, which is why it’s extremely important to understand how all aspects of married life work before undertaking this step. If you and your partner want to be extra considerate of all the options you have, you may want to review how prenups work and if this is a good option for you. This helps add a layer of security that you and your partner might need in your married life. Whatever choice you make, it’s still your love for each other that matters, and how you hope to strive to be with each other despite the odds.
Remember, should a prenup enter the picture of you and your partner’s potential married life, don’t hesitate to contact a lawyer or a legal professional in order to get a good idea on the things you should expect should you enter into a prenuptial agreement.
Dianna Charles
Dianna Charles is a promising young law enthusiast that hopes to bring her youthful spirit in her field. She tries to add a refreshing modern take to topics on the legal world that people can learn from. Dianna enjoys her free time with friends and family, and loves to cook for them.
