Just like the marital process involves numerous decisions, so does the dissolving of a marriage. One marital decision impacts how some decisions are made during a divorce. If a couple decides to include a prenuptial agreement in their union, this legal document, if proven enforceable and valid, could control how assets and marital property are treated and divided.
Because of the asset protection prenups could provide couples, it has become more and more common for couples planning to get married to opt for a prenuptial agreement. Prenups are very useful when it comes to property division in a divorce, but they also serve several other purposes such as establishing who gets what in the event of the death of one spouse.
The interests of both parties could be protected by a prenuptial agreement, helping them to avoid nasty and costly battles in court during dissolution. However, some argue that the prenup negotiation process can be very stressful, resulting in serious disputes prior to marriage.
Despite prenuptial agreements being an uncomfortable conversation to have, as well as a stressful drafting process to go through, the reality is that today it is important to protect the individual interests of each spouse in case of a divorce. In addition, a prenup could help the couple save a lot of heartache and money if they decide to end their marriage.
While a prenup is not necessarily for everyone, it should be a document that is considered by all marrying couples. Moreover, if a couple decides to forego a prenup, they should learn about other ways to protect their assets and property in the event of a divorce.
Source: The Wall Street Journal, “Is a Prenup a Must for Most Couples?” Cheryl L. Young, March 1, 2015