A prenuptial agreement (prenup) is a signed and notarized contract that spells out how a couple will handle the financial aspects of their marriage. Likewise, it is a helpful document that can help people speed up the divorce process if the marriage ends later.
More couples than ever are signing prenups before they marry. They are even more popular when couples are remarrying for the second time. Statistics show almost half of all marriages in the United States end in divorce, so people are preparing for that potentiality.
The advantages of signing a prenup mostly include preventing disagreements in the future. Even if the couple never divorces, a prenup can outline what should happen financially throughout the course of a marriage. For example, the agreement can specify what happens when one spouse loses a job.
Prenups can also preserve family ties and inheritance, so if there are children from a previous relationship, one spouse can leave half of all assets to the children and half to his or her spouse. This protects the financial well-being of the kids.
Discussing a prenup with your spouse can also give you an indication of who you are marrying. It puts financial expectations on the table before the wedding. If your partner is reluctant to sign a prenup, it may be best to discover this before the wedding.
The disadvantages to prenups are mostly the result of preconceived notions of what they symbolize. Some may see them as unromantic and pessimistic, causing a serious strain on the relationship. Likewise, if one spouse wants a prenup and the other doesn’t, it could give someone a false sense of mistrust or a feeling that one spouse isn’t committed to the other. However, the most definite disadvantage rests on the inability for spouses to disclose all assets at the time of signing the agreement. Any future acquisitions may not be included in the prenup and could complicate any potential financial conflict or divorce later.
If you and your future spouse would like to discuss a prenup, our skilled West Chester family law attorneys would be happy to answer your questions. The Meadows Law Firm has more than 20 years of experience helping Ohio couples navigate the family law process. Let us see what we can do for you.
Contact us at our office or fill out our online form to schedule a free case consultation today.