When people start planning to get married, they tend to consider only the emotional and romantic aspects of marriage. However, it would also be wise to consider another truth of this sort of union, which is that marriage is also a business relationship. This is the reason why you and your future spouse should consider creating a prenuptial agreement to protect both of your financial interests and rights. Before you start looking for a family lawyer in Kent, here are some of the benefits that a premarital agreement could bring to a married couple.
Protects financial interests and assets
Few people enter marriages expecting to get divorced. In fact, most couples enter marriages hoping for the best and expecting their unions will last for as long as they both shall live, but the current data has proven that couples should still make it a point to protect each other and prepare for whatever might happen down the road. One of the most common reasons why people get prenuptial agreements is to protect their and their children’s financial interests, like when it comes to the inheritance rights of their children from a previous marriage or making sure that they can support the child using marital income. In addition, it can also protect your business from being divided or subjected to the control of the other spouse in the event of a divorce. For most people, entering into a premarital agreement is essential to maintaining the assets that they have brought with them into the marriage. Intermingling assets will only make things difficult in case that they choose to separate.
Keeps one spouse from being liable for debts acquired by the other
A prenuptial agreement can ensure that the other spouse will not have to assume the obligations incurred by the spouse with a significant amount of debt. This means that the debt-free spouse will be shielded from any liabilities that might arise from the debts of the other. This is especially relevant for those individuals who enter marriages with student debts and the like.
Makes future divorce less contentious
The financial clarity that comes with a premarital agreement may be able to reduce or prevent any conflict that might arise in the event of a divorce or the other spouse’s death. The arrangement can also put a cap on the amount of spousal support that one spouse will be eligible for following a divorce. A prenuptial agreement can also be helpful in reducing the tension that comes with the dissolution of a marriage and the inevitable determination of how their assets should be divided.
Addresses other aspects of marital life
More than a negotiation on the financial aspects of the married life between you and your partner, a prenuptial agreement can also be drafted to cover any details that concern the other factors of your life together. This may include discussions on how you’re going to share responsibilities along the way or how you’re going to come up with important decisions that are going to affect your future family.
In case the couple chooses not to enter a prenuptial agreement, their property will automatically fall under the jurisdiction of the laws of their state when they divorce or when one of them dies. This means that the division of property will have to follow the laws of your state, and that might not produce an outcome that’s favorable or equitable. To prevent this situation from happening to either spouse, it would be wise for you to have a clear discussion on what to do with your assets beforehand.