Are you deciding on whether or not to sign a prenuptial agreement? Well, each circumstance is unique, so don’t sign it just because your friend, acquaintance or relative signed one. Here are some pros and cons that you should help you decide.
• Each spouse’s property before marriage will be properly documented separately for protection.
• In the event of a divorce, the prenuptial agreement suffices as an estate plan that allows ample property distribution.
• The agreement details any special agreements between the couple
• The document reduces any conflicts during divorce proceedings as well as being cost-efficient since it reduces the time used to distribute property between the two individuals.
• In the event of any debt liability such as mortgages, credit cards or school loans, the prenuptial agreement establishes the right procedures to be followed.
• People always change and relationships can crumble any time. If you have a prenuptial agreement ready in hand, you can always save yourself the trouble of going through a nasty and expensive divorce. Regardless of whether or not you’re in marital bliss right now, you should be prepared for anything and that’s why the document comes in handy.
• Regardless of whether child custody or support has been mentioned in the prenuptial agreement, the court has the final say on what happens. Therefore, the document will only provide procedures of dealing with assets but not the children.
• Discussing what to do in the event of a divorce before the marriage starts can be a bad omen. The first years, a married couple is supposed to enjoy marital bliss without thinking whether the spouse will leave any debt or take away any property. Therefore, to most people, signing a prenuptial agreement might be a sign of bad luck in the marriage.
With these pros and cons, you should weigh on your particular circumstance and decide whether you should sign a prenuptial agreement or not.