Although some people still think of prenuptial agreements as only relevant to the fabulously wealthy, there is a growing awareness of the benefits that almost any couple can gain from having a well-drafted prenup in place. Tennessee courts tend to view these agreements favorably and will typically approve agreements that do not infringe on the children’s interests or contain egregious unfairness.
In addition to finances, modern prenups can include provisions for handling a variety of matters such as social media conduct. A well-written and comprehensive agreement offers several benefits to couples.
Here are four advantages that a prenup provides:
1. The contract provides peace of mind.
One common objection to drawing up a prenup is that the process forces couples to focus on worst-case scenarios. When two people are getting ready for marriage, should they be sitting down to discuss who gets the house after the divorce?
However, deciding on the division of property in advance does not actually make divorce more likely. Hopefully you will never need to actually use your agreement. But if you do, drawing it up at a time when the two of you are getting along and inclined to be fair to one another is much more likely generate an equitable result than a is division made when tempers flare and stress levels skyrocket.
2. The agreement offers an opportunity to take stock.
As you are starting out in your life together, you will find that creating an agreement can help you take examine your current financial situation. This is also an appropriate time to discuss your future goals and the steps the two of you intend to take in order to achieve them. A practical conversation about issues such as pursuing a particular career, getting a degree or staying at home with the children can lead both of you to a better understanding of your common goals and priorities.
3. The arrangement may help even if you never divorce.
If the two of you never divorce, your marriage will end when one spouse dies. When this happens, the probate process can be complicated, especially if your will includes provisions the court may consider unusual. For example, courts have set aside wills that exclude the surviving spouse, even though the deceased may have had valid reasons for doing so. A prenup agreement that reflects the provisions of the will can be valuable in assuring the court that the surviving spouse was aware of and agreed to these terms.
4. The contract may limit litigation during divorce proceedings.
Divorces tend to be messy enough without prolonged fights about issues that could have been resolved through a prenuptial agreement. You can cut down on stressful and time-consuming litigation, as well as extensive legal fees, by reducing the number of issues at stake.
A carefully drafted prenuptial agreement can help you control the terms of your divorce and promote fairness. With an knowledgeable attorney’s assistance, you can figure out the best way to create an agreement that will meet your needs as individuals and as a couple.