A prenuptial agreement or popularly referred to as a “prenup,” is a legal contract that two parties agree to before marriage. After divorces, the separation of assets, financial funds, and savings along with alimony is a difficult procedure to conclude.
A prenuptial agreement already contains each term that would apply in case of a divorce. A family lawyer assists you and your future spouse to draft one with fair components that allow both of you to live securely in case of a separation. The Rochester law firm Kohlmeyer Hagen Law Office provides services to craft an agreement that protects both of you and caters specifically to your needs.
How is it beneficial?
- Builds trust – Often marriages end because of disputes regarding monetary matters. Having a discussion with your partner before you are legally bound to them allows you to understand each other’s perspectives regarding saving and spending. This helps you balance each other’s expenses and incomes in a logical manner and predetermined manner and avoids arguments.
- It keeps your personal properties separate – Your prenuptial agreement contains details about what is considered marital property, and only that property is distributed amongst both of you after the divorce. You might have emotional attachments towards a family heirloom or require a certain property to continue your source of income, and a prenuptial agreement ensures they belong to you. In case one spouse has a large amount of debt, after separation, the other partner is not liable to pay for it.
- Avoids court disputes – Court procedures are lengthy, exhaustive, and costly. Partners harbor feelings of resentment over finances and assets, which deepen the harsh feelings about each other and affect their parenting. Prenuptial agreements have a plan which was agreed to by both partners. There’s a clear path of action to be followed, and it avoids any excessive legal expenses and saves your time. Having a prenuptial agreement is economical and practical.
- Spousal maintenance – Prenuptial agreements include a certain amount of money the partner is obligated to pay the other in case of a divorce. They might also choose not to have any provision for this if both of them are working. It is necessary to have it in cases where one partner stays at home to take care of the children and household so that they are able to sustain their basic needs. However, the spousal maintenance amount does not affect the child support the partner has to pay.