Family Law: Prenuptial Agreements & 3 Reasons You Might Need One

9 March 2015 by Jonathan Phillips

Although there is something of a stigma surrounding prenuptial agreements, the fact of the matter is they exist to protect rather than to hinder or diminish. And while these kinds of premarital contracts are indeed most common among wealthy individuals, they were not designed solely for the rich. This article outlines three reasons you might want to consider drafting a prenuptial agreement before taking your vows.

Specific Division Of Property

One of the central purposes of a prenuptial agreement is to ensure that each spouse's assets as distributed as he or she sees fit. Without a prenuptial agreement, most of a couple's assets will be divided right down the middle in the event of divorce. With a prenuptial agreement, however, you can outline how you would like your earnings and assets to be distributed if you and your partner ever divorce at some point in the future.

Insulate Yourself From Marital Debts

Perhaps the most powerful component of a prenuptial contract is its ability to ensure that each spouse remains responsible only for the debts that he or she accrued. Absent a premarital agreement, a divorce will generally examine any debts on the part of the couple and split them right down the middle, or thereabouts. However, this isn't exactly an equitable solution if a majority of the debt was accumulated by one spouse or the other. A prenuptial agreement will ensure that you're responsible only for the debts that you yourself incurred before or during the union, and not for those that belong to your spouse.

Outline Marital Duties

Although there have been stories about prenuptial agreements that outline absurdities like the frequency of intimacy, a prenuptial agreement is actually a great tool to help wedding individuals define their expectations of the marriage.

Many see a prenuptial agreement as an unromantic gesture, but as adults it is important to clearly define each other's expectations in a marriage. A prenuptial contract can be used to define things like which spouse will pay household bills, how much money each will set aside for retirement, and even how future disputes might be handled, such as in arbitration as opposed to outright litigation.

Ultimately, a prenuptial agreement is simply a tool that many use to enhance their marriage. By clarifying exactly what each person expects from the marriage, the chance of dispute or divorce down the road is far less likely. Additionally, a prenuptial contract can put a couple at ease knowing that promises made beforehand won't be broken as a result of future jealousy, strife, or bitterness.

for more information about prenuptial agreements, contact a family lawyer like Gearing, Rackner, Engel & McGrath, LLP.

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