No couple enters a marriage assuming that the union will end at some point in the future. However, divorce is common, and it is always beneficial to consider having protections in place in case the unexpected happens. One way that you can protect yourself and gain confidence regarding your long-term stability is by creating a prenuptial agreement before you walk down the aisle. By doing this, you are not assuming that your marriage will fail, but rather, you are planning for both of you to have future security.
There are many misconceptions regarding prenuptial agreements. Some may assume that these contracts are only for the rich and famous, and while they do provide protection for high-income individuals, there are benefits for all engaged couples. Before your wedding day, take the time to consider whether this type of agreement would be in your best interests.
Why you should consider a prenuptial agreement
A prenuptial agreement is a marital contract that outlines how two married parties will divide marital property in the event of a divorce. Like other types of contracts, this is custom to your needs and objectives, allowing you to create a plan that allows you to look to the future with confidence. In any prenup, the couple will outline how they want to divide marital property in case they divorce, which may include the following assets:
- Savings accounts and retirement
- Cash and bank accounts
- Real estate and other types of property
- All other assets
One of the benefits of a prenuptial agreement is that, by addressing these issues ahead of time, it will eliminate the need to argue over property division during a divorce. This can save a Pennsylvania couple time, money and a significant amount of stress. In your prenup, you can also specify which assets are marital property and which are separate, allowing you to feel confident regarding your property interests.
An understanding of your rights and options
If you are preparing to marry, you may benefit from an explanation of how a prenuptial agreement could benefit you. An assessment of your income, your property and other factors could determine the specific terms you will benefit from, including in your marital contract. As you look to your future with your new spouse, you may also benefit from looking at how you can protect your interests in case of unexpected situations in the future.