More and more people today realize the benefits of drawing up a prenuptial agreement. Once considered the province of the extremely wealthy, the prenup is gaining mainstream popularity. Whatever your walk of life, coming up with a well-planned agreement can save you a vast amount of trouble down the line.
One of the main objections lawyers hear to the suggestion of a prenuptial agreement is that the couple has no significant assets to divide. However, just because this is the case now does not mean things will stay this way forever. Changes in your financial circumstances can happen, whether you anticipate them or not. Your agreement can address at least some of the issues likely to come up in the future. Further, even in the absence of large assets, an agreement can take care of several financial and personal decisions. Sitting down to think about the terms of your agreement can serve as a valuable springboard for discussion of your plans and priorities as a couple.
A couple preparing for marriage and one contemplating divorce experience completely different frames of mind. Most people find it easier to come to an agreement when they think well of one another and are inclined to be fair. Divorce often brings up a storm of negative emotions that can cloud judgment and make it difficult to arrive at a consensus. Many couples end up litigating issues that an agreement could have resolved.
Addressing needs of older couples
If, like many people today, you get married later in life, you may bring with you a substantial financial and personal history. You and your spouse-to-be may have children from a previous relationship, an established career and significant assets or debts. The process of drafting an agreement can help the two of you clarify your thoughts on how best to integrate these aspects of your previous separate lives into your new life together.
Dealing with non-financial issues
Prenuptial agreements are not limited to financial arrangements. You can include provisions to cover many types of decisions. Thinking about the terms of your agreement gives you a great opportunity to delve into your priorities and set up a roadmap for key aspects of your lives.
Just as each couple is different, so is each prenuptial agreement. While a well-drafted, carefully considered agreement can simplify your lives down the line, an inferior document can result in unnecessary chaos and stress. The best way to get a prenuptial agreement you can really benefit from is to consult an experienced attorney. Your lawyer can assess your circumstances, advise you of potential ramifications and use legal knowledge to draft an agreement that truly reflects your intentions.