A prenup, or prenuptial agreement, is a contract that is drawn up before a couple marries, spelling out the details of how they will divide their assets and what financial obligations they will have to each other if their marriage ends in divorce. Though some people resist the idea of a prenup, considering even the discussion of a potential divorce off-putting and unromantic, a quick conversation with anybody who has been married and gone through a divorce will quickly disabuse them of that idea.

Most people jump to the conclusion that a prenuptial agreement is only desirable for one prospective spouse who wants to protect their greater assets or earnings capacity from their partner, but that is not always the case. In fact, some couples build their prenups around the idea of protecting one spouse from the other’s credit card or student loan debt, ensuring that they will not face economic hardship if their marriage collapses or in case of death. It can protect or set aside assets for children from a previous marriage or create a plan for dividing a mutually-owned and operated business and its assets so that a dissolution of the marriage won’t destroy its operations or affect co-owners and employees.

Though divorce rates are dropping in the United States, there are still a significant number of marriages that end in divorce, and a prenup is essentially an insurance policy against this very real possibility. Creating a plan when your relationship is at its strongest may feel awkward, but it provides both partners with the ability to act when they are most interested in treating each other fairly. Conversely, leaving the issues that will need to be resolved for when things are most painful or bitter leaves both of you open to more pain and the all-too-common tendency to focus on winning rather than what is right or equitable.

Creating a prenup is a complex process. It requires a comprehensive presentation of both partners’ assets and debts, as well as experience and knowledge about the topics and solutions that need to be addressed in case of divorce or death. An experienced family law attorney can help you make important decisions about the distribution of property, spousal or child support, handling tax obligations and more. To set up an appointment to discuss your situation, contact our office today. We can help you find a way to get through a potentially challenging situation in a way that leaves everybody feeling more confident and cared for.

 

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