June 16, 2020 | Share
5 Reasons to Consider a Premarital Agreement (Besides Protecting Your Assets)
Most people who consider asking their fiancé to sign a premarital agreement do so for one primary reason: They have substantial assets that they want to protect in the event of a divorce. While this is a completely valid reason to broach the subject of signing a “prenup,” there are a number of other reasons to consider a premarital agreement as well – and many of these other reasons apply equally to both soon-to-be-spouses.
Our Allen divorce lawyers know that talking about signing a premarital agreement can be difficult. Most fiancés understandably don’t want to bring up the possibility of divorce while they are making preparations for their wedding day, and most don’t want to suggest that they have any concerns about their marriage ending prematurely. But, by focusing on the various mutual benefits of signing a premarital agreement – and particularly those that apply during the marriage – fiancés will often find that entering into a prenup is a collaborative and uncontentious process.
Premarital Agreements: Protecting Both Spouses’ Best Interests
Along with protecting your assets in the event of a divorce, here are five other reasons to consider a premarital agreement:
1. Keeping Debts Separate
While you and your spouse may not each have substantial assets that you want to protect, there is a good chance that you will both be bringing debt into your marriage. School loans, car loans, mortgages, credit card debt – these are all liabilities that can have significant implications for a couple’s finances. Whether you want to make clear that you will each be responsible for managing your own debt during your marriage or you want to make absolutely certain that you each will remain solely responsible for your own preexisting debts should you get divorced, you can include provisions in your prenup that apply equally to both parties.
2. Managing Family Finances
Who will be responsible for paying your monthly bills and balancing your checking account? Will you set a monthly cap on non-necessary expenses (such as entertainment and luxury items)? These are areas for potential conflict that you can address proactively in a premarital agreement.
3. Planning for Tax Season
Tax season is stressful for just about everyone, and it is also a time when conflicts can arise. From choosing your filing status to deciding what you will do with refunds, there are a number of decisions you can make now to avoid potential issues in the future.
4. Our Allen Divorce Lawyers Can Help You With Your Estate Plan
Getting married can have significant implications for your estate plan. By incorporating appropriate terms into your premarital agreement, you and your spouse can both feel confident that your final wishes will be carried through.
5. Resolving Conflicts During Your Marriage
During a marriage, disagreements are to be expected. If you and your spouse are unable to come to terms on a major decision (such as paying off debt or purchasing a home), how will you reach a resolution? One option is to include provisions for resolving disagreements in your premarital agreement.
Get the Help You Need From Our Allen Divorce Lawyers
If you are getting ready to get married and would like more information about the benefits of premarital agreements, you can contact McKinney, TX law offices for a free consultation. To speak with one of our experienced Allen divorce lawyers in confidence, please call (214) 726-1450 or request an appointment online today.
Categories: Family Law & Divorce