A prenup, also known as a prenuptial agreement, is a written contract created by two spouses before they are legally married. Prenups typically list all assets and debts held by each spouse, as well as each person’s right to those assets and debts in the event of divorce. Though prenups are infamous in celebrity marriages, many average couples find them valuable as well.
Prenups Encourage Important Pre-Marriage Discussions
The engagement and wedding planning process is often an exciting whirlwind of events and decisions. Many couples don’t stop to think about the implications of certain financial or legal decisions until after they’re married.
Crafting a prenuptial agreement together before marriage helps initiate honest discussions about finances, assets, and liabilities. Without a prenup, these types of discussions may not happen for years, probably until the trouble is already brewing.
Such a candid prenup conversation may help couples achieve open communication and deeper trust, as well as shared expectations.
Prenups Protect Spouses from Debt
When you marry somebody, you marry their debt as well — that is unless you have a prenup in place. A prenup can help protect you from your spouse’s debt obligations in the case of a divorce. This is done by including a clause in the prenup that specifically states that your spouse’s financial liabilities cannot be transferred to you. If you live in a state where assets and debts are considered jointly owned by spouses, then a prenup is all the more important for your financial protection.
Prenups Make Divorce Easier
Nobody hopes for a divorce. But if you do find yourself in divorce proceedings, a prenup makes the process so much less complicated and painful. Couples with prenups often already have the most important decisions established in their agreements, such as who takes the family home and who continues payments on the vehicles. Sidestepping these arguments and decisions during the divorce saves thousands of dollars and prevents arguing.
Get Help Arranging Your Prenup
Make sure you write your prenup with the help of a law firm that specializes in prenuptial agreements and divorce. Countless legal complexities surround the creation and enforcement of premarital agreements, so working with skilled legal counsel is the best way to ensure that your rights and interests are protected. Caveda Law Firm, P.A., has been helping residents of Tampa, Tampa Bay, and Hillsborough County for more than 15 years. Contact us today by calling (813) 463-0800 or by filling out our online form.