Learn the Basics of Prenuptial Agreements
Posted on May 10, 2008
Filed Under Marriage |
A prenuptial agreement is no longer just for the wealthy. Today, folks of all economic backgrounds and in all situations are deciding to legally clarify their rights and responsibilities before they get married. It can also clarify in advance how property and assets will be divided should the couple decide to divorce.
In a nutshell, a prenuptial agreement is a written contract created by a couple before they are married. It usually lists the assets and debts of both parties, and also states what each person’s property rights will be after the marriage ends, either through divorce or death.
All types of people realize the benefits of using a prenup and therefore they have started using it. It is not meant for wealthy people alone anymore.
Prenups allow couples with blended families to pass on assets and property to their children while still providing for each other. In this situation, a prenuptial agreement protects the children of the deceased spouse. It can also prevent the assets and property from passing to the surviving spouse.
Prenuptial agreements also clarify financial rights and responsibilities during the marriage. If one partner has significant debt, a prenuptial agreement can protect the other partner by releasing him or her of the responsibility of the debt incurred before marriage.
Prenuptial agreements can also help couples separate more amicably and with less stress should they divorce. While there are still a few states that won’t allow a spouse to give up rights to alimony (sometimes called spousal maintenance) a prenuptial agreement can address whether or not the spouse will receive alimony.
If a couple signs prenup agreement it does not mean they are not strongly committed to each other. Neither it means they do not trust each other. On the other hand, it may mean just the opposite. It may help you to build a stronger marriage as it clearly states what is expected of each one.
Comments
Leave a Reply