As you prepare to walk down the aisle, the last thing you want to think about is the possibility of divorce. No one gets married assuming the relationship will end at some point in the future, but there are significant benefits to putting a contingency plan in place. One way you and your spouse can protect your long-term legal and financial interests before you walk down the aisle is by creating a prenuptial agreement.
A prenup is a legally binding contract that outlines certain issues that may arise in case of a divorce. Even if you assume a divorce is never on the table, having this type of agreement can provide you with certain benefits. Before you take your vows, you may want to consider how you can protect yourself long-term and enter your marriage with confidence.
The benefits of a prenup
A prenuptial agreement is not something reserved only for the rich and famous. Pennsylvania couples of higher income levels and socioeconomic status will benefit from the protections provided by this type of marital contract. A prenup may benefit you in the following ways:
- You will feel confident regarding the protection of separate assets you are bringing into the marriage.
- In case of a divorce, there will be no need for litigation or contentious court battles over the division of marital property.
- You can outline the financial responsibilities of each spouse during the marriage, reducing the chance of financial conflict.
- You and your spouse can have important conversations regarding finances before the marriage, helping prepare you both for your lives together.
Drafting a prenuptial agreement does not mean that you plan for your marriage to fail at some point in the future. It simply means that you want to reduce the chance of financial conflict, protect your interests and have a plan in place in case the unexpected happens. It can be difficult to bring up the subject of a prenup, but having this conversation can lead to helpful discussions and confidence regarding your financial interests.
Is it really for you?
Before you marry, you may benefit from an assessment of your case and an explanation of the legal options available to you. A careful look at your individual finances, debts you both have and your plans for the future may help you determine if this type of contract would benefit you in your individual situation.