As someone recently engaged, you find yourself sometimes thinking ahead with excitement to the wedding day and life together as newlyweds. It’s an exciting time, but you also need to think about other important things other than the flavor of the wedding cake and the type of flowers you may have. You may also want to consider your long-term financial interests.
You may never imagine that your marriage could one day end in divorce, but the reality is that many Arizona marriages do. It’s smart to think ahead, plan for this possibility and consider the benefits of a prenuptial agreement. This is a legal agreement that can protect your interests and shield your finances in the event of a divorce. With this type of agreement in place, you can look to the future with confidence.
Positives of a prenup
Many people fail to see how they could benefit from a prenuptial agreement. After all, they may not be wealthy or famous, and they may not see the need. However, this type of agreement is beneficial for people of all income levels. Consider the following benefits of a prenuptial agreement:
- It allows you to outline the financial obligations of both parties during the marriage.
- You can decide how property division will work in the event of a divorce and clearly establish certain assets as separate property.
- You can decide on financial support after a divorce, eliminating the need for litigation and fighting over the issue.
One of the most significant benefits of this type of agreement is that it will allow you to have peace of mind about your own financial well-being going forward.
Negatives of a prenup
A prenup is not necessary in every situation. It can sometimes be a difficult subject to bring up, and it could lead to problems between partners or soon-to-be-spouses. Some of the potential negatives of a prenup include the following:
- It can cause tension and disagreements over money before you even walk down the aisle.
- You cannot outline directions for child custody, which you will still have to address in case of a divorce.
- It is not always easy to determine what your financial circumstances may look like in the future and make decisions based on that.
It is in your interests to think about this type of agreement before you marry. Like other types of legal agreements, you will find it helpful to discuss the terms of your agreement with an experienced family law attorney before you sign anything or agree to terms.